Daniel Vislocky’s Station Companies has secured a $13.75 million construction loan to start building a new condo building in the East Village.
Avison Young’s Debt, Joint Venture, Structure Capital and Loan Sale Group announced it arranged the loan with Emerald Creek Capital for a proposed 10-story, ground-up residential condominium on a vacant lot at 14 Second Avenue.
The site once housed the Irreplaceable Artifact salvage shop that partially collapsed 20 years ago, according to the New York Times. The four-floor walk-up was later demolished and Station Companies purchased the site for $7 million in 2018, according to public records.
Located between East Houston and East First Street, the new 22,247-square-foot s/f development will include 10 condo units spanning a 16,851 s/f, a cellar, subcellar and outdoor space.
The site is steps from the Second Avenue subway station near the Houston Street Playground. Among a plethora of nearby retail and dining options are a Wholefoods market and the legendary Lower East Side institutions Russ & Daughters and Katz’s Delicatessen.
Station Companies has developed more than $100 million in Manhattan condos including the Paperbox Building at 34 West 17th Street and he Spice Warehouse at 481 Washington Street.
An Avison Young team comprised of Justin Piasecki, Principal, and Brandon Polakoff, Senior Director, represented the borrower. Emerald Creek Capital was represented by Managing Director Jeff Seidler.