Emerald Creek Capital Provides $4.9M Loan For MultiFamily On Avenue A

The property involved is a 5,400 square foot four-story mixed-use building located at 15 Avenue A, New York, NY, 10009. Emerald Creek Capital provided a $4,900,000 bridge loan secured by the property, which sits on a 1,580 square foot lot in the vibrant East Village neighborhood of New York. The zoning allows for a maximum buildable area of 6,320 square feet, and the borrower plans to develop vertically to capitalize on the available air rights.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $4,900,000.00
• Market: New York
• Lender: Emerald Creek Capital
• Property Address: 15 Avenue A, New York, NY, 10009
• Intended Development: Ground-floor retail, commercial space on the second floor, and two residential duplexes

The borrower in this transaction aims to create a property that will cater to the diverse mix of professionals, students, and artists residing in the East Village neighborhood. Accessible via multiple subway lines including the L, 6, R, W, M, and F, the completed development is expected to enhance the retail and living options available in the area, contributing to the neighborhood's unique charm.