Updated Mar 11, 2025
Emerald Creek Capital Provides $9M Loan For Development Site At 214 W 74th St, New York
214 W 74th St, New York, NY, 10023
$9,000,000
Units
20
Asset Type
Development Site
Closing
Nov 20, 2023
About this deal
AI
The property involved in this transaction is a development site located at 214 W 74th St, New York, NY 10023. It consists of a 2,554 square foot area with a total of 30,648 square feet of buildable space. The existing structure is a five-story mixed-use building, encompassing 8,324 square feet. The borrower intends to convert this site into a 20-unit condominium building with ground-floor retail. The location benefits from proximity to major attractions and access to multiple subway lines.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $9,000,000.00
- Address: 214 W 74th St, New York, NY, 10023
- Market: New York
- Lender: Emerald Creek Capital
- Lender's Representative: Managing Partner, Co-Founder - Emerald Creek Capital
This transaction highlights the involvement of Emerald Creek Capital, which provided the acquisition loan. The firm specializes in financing developmental projects and plays a significant role in the real estate market of New York, particularly in areas like the Upper West Side known for its vibrant community and retail opportunities.
On the Map
$9,000,000
Development Site
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Players
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93