EMP Capital Group intends to build 176 new residential units in Astoria, Queens. The real estate investment and development company has submitted two new applications to the New York City Department of Buildings (DOB) for this purpose. Plans include a building with 99 residential units at 35-13 Steinway Street and a neighbouring residential property with 77 residential units at 35-08 41st Street.
Elichai Pariente, founder of EMP Capital, and the registered architect Ralph Kowalczyk of Issac & Stern Architects were named as developers in both applications. Representatives of Pariente and Kowalczyk initially did not comment on Commercial Observer's enquiries.
The residential building at 35-13 Steinway Street is set to encompass 102,300 square feet upon approval. The DOB's plans for this site include retail spaces, a fitness centre, a theatre and an outdoor recreational area. Between the third and nineteenth floors, five to six residential units are planned per floor.
The residential building at 35-08 41st Street would encompass 81,576 square feet upon approval and also include retail and recreational areas. Furthermore, a pet spa and a dedicated amenity lounge are planned on the 14th and 15th floors. On floors three to thirteen, three to five residential units are to be created per floor, while from the 16th to the 26th floor, three units are planned per floor. Additionally, according to DOB plans, an open space is envisaged on the building's rooftop.
The current submissions follow earlier plans from EMP Capital Group in May, which envisaged the construction of two residential buildings, each with 99 units, at 35-43 37th Street and 37-09 36th Avenue in Astoria, as Crain’s New York Business reported at the time. Additionally, EMP Capital submitted a proposal last month to build an apartment block with 79 units at 40-16 35th Avenue, as reported by PincusCo.
All proposed projects, located within a radius of approximately three city blocks of each other, would together comprise more than 450 new residential units. Many local developers are currently submitting plans for buildings with 99 units. This is against the backdrop of the intensely debated 485-x programme, which offers tax benefits to developers who incorporate an affordable housing component as part of new residential buildings. However, buildings with 100 or more units under this programme are subject to a minimum construction wage, leading to the preference for the 'magic' number of 99 units.
