【NYC Real Estate】EMP Capital Group Plans to Build 176 Units in Astoria as Part of Mega-Development
- ARCFE U.S.
- 9 hours ago
- 3 min read
EMP Capital Group is forging ahead with its plan to bring new residential buildings to Astoria, Queens.
The real estate investment and development company has filed two new plans with the New York City Department of Buildings calling for the construction of a 99-unit building at 35-13 Steinway Street and a 77-unit residential property next door at 35-08 41st Street.
Elichai Pariente, founder of EMP Capital, and registered architect Ralph Kowalczyk of Issac & Stern Architects were listed as the applicants on both plans. Spokespeople for Pariente and Kowalczyk did not immediately respond to Commercial Observer’s requests for comment.
If approved, the 102,300-square-foot residential building at 35-13 Steinway Street would include retail space, a fitness center, a theater and outdoor recreation space, according to the DOB plans. Plans also call for between five and six residential units on the third through 19th floors.
Meanwhile, the 81,576-square-foot residential building at 35-08 41St Street, if approved, would include recreation and retail space, as well as a pet spa and a designated amenity lounge on the 14th and 15th floors. There would be between three and five residential units on floors three through 13, and three units each on the 16th through 26th floors. There would also be outdoor space on the building’s roof, according to the DOB plans.
News of the filings come after EMP Capital previously submitted plans in May to build a pair of 99-unit residential buildings at 35-43 37th Street and 37-09 36th Avenue in Astoria, Crain’s New York Business reported at the time. EMP Capital also filed a proposal last month to construct a 79-unit apartment building at 40-16 35th Avenue, PincusCo reported. All of the proposed projects — within roughly three blocks of each other — would comprise more than 450 new housing units.
Many local developers are filing plans for 99-unit buildings in the wake of the much-debated 485-x program, which provides tax incentives for developers that include an affordable housing component to new residential dwellings. However, as part of the program, buildings with 100 or more units are subject to a construction wage minimum, leading to that magic 99-unit number.
EB-5 Investor Insight:
The surging residential development in Astoria, Queens, underscores the robust demand for housing in New York City's outer boroughs. For EB-5 investors, such high-density, policy-supported residential projects—leveraging programs like the 485-x tax incentive—represent highly secure real estate assets. As premier submarkets like Long Island City and Astoria continue to attract institutional capital and top-tier developers, investing in NYC multifamily real estate remains one of the most reliable pathways to securing both permanent US residency and solid capital preservation.
Source: Commercial Observer
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