The sign points in all directions:

  North    - %^GREEN%^Emerald Avenue%^RESET%^  
  East     - Park Road
  South    - %^GREEN%^Emerald Avenue%^RESET%^
  West     - Park Road

Someone has added the following with red paint:

  %^RED%^Up       - %^Redferne's Flying Citadel%^RESET%^