Seidler of Emerald Creek Capital provides $1.4 million construction loan; Owner to build an 8,300 s/f hotel at 57 East 125th Street

Emerald Creek Capital has reached a building and loan agreement to provide a $1.4 million construction loan to build an 8,300 s/f hotel at 57 East 125th St. in Central Harlem. In July of 2010, governor David Patterson passed legislation which stated that class A multiple dwelling residential buildings may only be used as long-term residential housing, and not as transient "illegal" hotels. The subject property will target th demand in short-term housing due to the number of illegal hotels that have been shut down. "Per our research, there have already been 15 illegal hotels shut down in N.Y.C. and we believe this number to be just the tip of the iceberg," said Emerald Creek senior VP Jeff Seidler, who structured the loan. "We are excited to provide the developer financing as he seeks to accommodate tourists with a new and affordable boutique hotel to stay in during their visits to N.Y.C."