Emerald Creek Capital Provides $6.6 Million Loan For Development Site In Hell's Kitchen
411 West 55th Street
$6,600,000
Building Size
—
Asset Type
Development Site
Closing
Nov 24, 2025
AI
The property asset involved in this transaction is a development site located at 411 West 55th Street in Hell's Kitchen, Manhattan. The loan amount secured for this property is $6,600,000, categorized as an acquisition loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $6,600,000
- Lender: Emerald Creek Capital
- Landlord: Pro H Development
- Brokers: James Murad, Adam Hakim, Michael Winter, Evan Brudnicki, and Alexander Korolik - Ripco
The key individuals involved in this deal include brokers James Murad, Adam Hakim, Michael Winter, Evan Brudnicki, and Alexander Korolik, who represent the parties in this transaction. They are affiliated with Ripco, a notable brokerage firm in the real estate market.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.40%
Cash-on-Cash
-0.69%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93