Commercial
New York
Brooklyn developments avert disaster with rezoning deal
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Elie Pariente lands $110M loan to build Atlantic Avenue project
QuadReal provides financing for EMP Capital’s 246-unit, mixed-use development
Elie Pariente’s EMP Capital Group nabbed a nine-figure construction loan for its multifamily development at 870-888 Atlantic Avenue.
QuadReal Property Group provided $110 million for the 246-unit mixed-use project, according to financial services firm Walker & Dunlop, which brokered the loan.
Pariente bought the Prospect Heights property from Odyssey Realty for $26 million in November by acquiring the contract with the previous developer, Y & T Development, according to PincusCo.
The 17-story development will include a supermarket on the ground floor, Pariente said.
EMP is also developing nearby 1034-1042 Atlantic Avenue. QuadReal, a Canadian asset manager, also provided the $109 construction loan for that project.
Both projects share the same architect, Brooklyn-based Archimaera, and needed a rezoning from City Council member Crystal Hudson.
The developments almost didn’t happen. In 2022, the newly elected Hudson objected to the projects, saying she wanted to comprehensively rezone the gentrifying district rather than consider projects piecemeal. But that larger rezoning will not pass until at least next year.
Rezoning applications cannot be paused, and with a 421a completion deadline of 2026 looming, the developers pushed Hudson to change her mind. She ultimately approved the projects after the developers significantly increased the amount of affordable housing and made other promises.
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