E.G Development gets $9M construction loan from Emerald Creek for project in Brooklyn

E.G Development through the entity 288 Water Street Owner LLC as borrower signed a loan agreement with lender Emerald Creek Capital LLC valued at $9 million for 2 parcels, including the tax class unlicensed parking lot (G7) at 288 Water Street, 290 Water Street in Fulton Ferry, Brooklyn. The deal closed on July 27, 2020 and was recorded on October 15, 2020.
There has been one new building permit application totaling 14,304 square feet.

Harel Edery is the principal with E.G. Development. This loan is a building loan and a project loan. The last time the property sold was June 5, 2020, for $3,100,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Those plans include a total of 9 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link