EMP Capital Group pays $3.6M for dev site in Crown Heights

EMP Capital Group through the entity 1001 Pacific Street LLC paid $3.6 million to Iqbal Hussain through the entity Progeny Properties LLC for the industrial building (G1) at 1001 Pacific Street in Crown Heights, Brooklyn. The property is in the scope of the Atlantic Avenue Mixed-Use Plan, which would increase the buildable from the current zoning. On the city’s plan, this site is described as a “projected site” with a potential for 25 units in 30,430 square feet of total space including retail.
The deal closed on February 14, 2025 and was recorded on February 26, 2025. The property has 5,000 square feet of built space for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $720 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 March 30, 2007, for $900,000. The signatory for Iqbal Hussain was Iqbal Hussain. The signatory for EMP Capital Group was Elie Pariente . The contract date was January 15, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer EMP Capital Group purchased two properties in one transaction for a total of $25.6 million and has no record it sold any properties over the past 24 months.
The seller Iqbal Hussain had not purchased any other properties and had not sold any properties over the same time period. The 5,000-square-foot property generated revenue of $99,000 or $20 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Crown Heights has 5,000 square feet of built space for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $457,000.

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 not received any significant violations 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 neighborhood

In Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 2.1 times the average sales volume among other neighborhoods with $556.5 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Crown Heights has 1.4 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 24 commercial properties representing 127,719 square feet of the 179,373 square feet. The largest owner is Cubesmart, followed by Watermark Capital Group and then Emp Capital Group.
On the tax block, there was one new building construction project filed totaling 172,789 square feet. It is a 193-unit, 172,789 square-foot residential (R-2) building submitted by EMP Capital Group and filed by Elie Pariente with plans filed April 14, 2022 and permitted March 13, 2024.

The majority, or 61 percent of the 179,373 square feet of built space are industrial buildings, with mixed-use buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Emp Capital Group owned at least six commercial properties with 502 residential units in New York City with 59,724 square feet and a city-determined market value of $24.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 47 percent of the 59,724 square feet of built space are industrial properties, with elevator properties next occupying 31 percent of the space. The bulk, or 69 percent of the built space, is in Brooklyn, with Manhattan next at 31 percent of the space.

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