EMP Capital ups debt to $140M with QuadReal for 474 units in Crown Heights

EMP Capital Group through the entity Emp Atlantic Property Owner Lp as borrower signed a refi loan with lender QuadReal Property Group through the entity Qr Us Finance Reit LLC valued at $140 million for two residential elevator properties with 474 residential units including the 237-unit residential elevator building (D7) at 1034-1042 Atlantic Avenue in Crown Heights, Brooklyn and 237-unit residential elevator building (D7) at 1035 Pacific Street in Crown Heights, Brooklyn.
The deal closed on November 25, 2025 and was recorded on December 12, 2025. The prior lender was QuadReal Property Group which held debt that had an original loan amount of $109 million. The two properties have 206,692 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $677 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 signatory for EMP Capital Group was Elichai Pariente . The signatory for QuadReal Property Group was Paul Stern .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Elie Pariente, head officer and Jacob Brach, officer. The business entity is Emp Atlantic Property Owner Lp. The two properties with a total of 206,692 square feet of built space generated revenue of $8.3 million per year or $40 per square foot.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $82,500 in ECB penalties and $84,730 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 the tax block of 1034-1042 Atlantic Avenue, PincusCo has identified the owners of 13 of the 24 commercial properties representing 132,719 square feet of the 179,373 square feet. The largest owner is Cubesmart, followed by EMP Capital Group and then Watermark 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 borrower

The PincusCo database currently indicates that EMP Capital Group owned at least seven commercial properties with 495 residential units in New York City with 54,081 square feet and a city-determined market value of $7.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 54,081 square feet of built space are industrial properties, with mixed-use properties next occupying 25 percent of the space. They are all located in Brooklyn.

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