EMP Capital Group is advancing its residential development agenda in Astoria, Queens, with two separate filings submitted to the NYC Department of Buildings. The developer plans a 99-unit residential building at 35-13 Steinway Street alongside a 77-unit property nearby, bringing 176 units total to the neighborhood.
This dual-project approach positions EMP Capital Group to capture significant market share in an increasingly competitive Queens residential corridor. Astoria has become a prime target for mid-rise multifamily development as Manhattan rents push renters eastward and transportation infrastructure improves.
The Steinway Street location sits in a neighborhood experiencing rapid gentrification and commercial activation. New residential supply here will compete directly with existing housing stock while likely commanding above-market rents for newer construction. The two properties represent an estimated combined development cost in the tens of millions, though EMP Capital Group has not disclosed specific financing arrangements or lending partners.
For current Astoria renters, these projects signal continued pressure on affordable housing as new market-rate units flood the area. Existing buildings may see landlords capitalize on neighborhood momentum, driving rents upward during lease renewals. Property owners holding land in the immediate vicinity could benefit from rising valuations as the neighborhood densifies.
Buyers seeking new construction will gain options in a market previously dominated by older walkups and smaller buildings. The timing matters. If these projects reach completion within three to five years, they'll arrive as interest rates potentially stabilize and buyer demand stabilizes alongside them.
The filings suggest EMP Capital Group views Astoria as a long-term growth market worth substantial capital deployment. Queens has absorbed enormous residential investment over the past decade, but pockets of buildable land remain finite. These two projects occupy prime real estate that might otherwise stay underdeveloped or remain single-family homes converted to rentals.
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