Creed Equities pays $25M to EMP Capital Group for 7-unit rental with retail in SoHo

Creed Equities through the entity 149 Spring CE LLC paid $25 million to EMP Capital Group through the entity EMP Spring Street L.P. for the seven-unit residential elevator building (D2) with retail at 149 Spring Street in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on September 18, 2025 and was recorded on September 29, 2025. The property has 18,409 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,358 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on February 3, 2022, for $17 million. The signatory for EMP Capital Group was Elichai Pariente . The contract date was June 20, 2025. The Commercial Observer reported on the sale previously.

Creed Equities financed the purchase with a $17.5 million loan from JPMorgan Chase. Cyrus Hakakian signed on behalf of Creed.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Creed Equities had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller EMP Capital Group purchased four properties in three transactions for a total of $36.2 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Elie Pariente, head officer and Jacob Brach, agent. The business entities are Frontgate Management and Emp Spring Street Lp.

The property

The residential elevator building with 7 residential units in SoHo has 18,409 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-5/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $20 million. Ready Capital Mortgage Financing 2023-Fl11, LLC on February 7, 2023 bought a loan with an original principal of from signed by Elichai Pariente, secured by 149 Spring Street, when owned by EMP Capital Group. The property has 3 rent regulated units according to city tax records from 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $7,530 in ECB penalties and $8,010 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 154,251 square feet of the 254,971 square feet. The largest owner is Madison Capital, followed by EMP Capital Group and then Status Capital.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 254,971 square feet of built space are elevator buildings, with office buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Emp Capital Group owned at least eight commercial properties with 502 residential units in New York City with 72,490 square feet and a city-determined market value of $25.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 72,490 square feet of built space are industrial properties, with elevator properties next occupying 25 percent of the space. The bulk, or 75 percent of the built space, is in Brooklyn, with Manhattan next at 25 percent of the space.

The buyer

The PincusCo database currently indicates that Creed Equities owned at least one commercial property in New York City with 500,177 square feet and a city-determined market value of $191.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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