EMP Capital Group lands $63.7M loan on Queens site bought for $15.4M
The loan is about 4.1 times the February purchase price, and the 99-unit tower it appears to fund has an approved new-building filing.
EMP Capital Group has put a $63,712,962 mortgage on a one-story industrial lot at 35-43 37th Street in Queens that it bought for $15.4M in February. The lender is QR Real Estate Capital REIT LLC, and the loan was recorded in the City Register on Sept. 18.
Why it matters
A loan four times the land price is a construction-sized number. It is the clearest sign yet that the 26-story residential building EMP filed for in May has money behind it, not just plans. For developers and brokers chasing nearby sites, the pricing signal is that a lender will underwrite a full ground-up build on a 11,554 sq ft lot zoned M1-4/R9 under the Mixed-Use 24 district. See our wider New York coverage.
The numbers
The borrower is EMP 37th Street LLC, the same entity that took title. The deed from Cartergavin37 LLC was dated Feb. 17 and recorded Feb. 19 at $15,400,000. The mortgage is dated Sept. 8 and covers two tax lots, block 641 lots 1 and 56. The mortgage paperwork lists the borrower at 433 Broadway in Manhattan.
On May 13, 85 days after the deed, a new-building job was filed with the Department of Buildings for 26 stories and 99 dwelling units. That filing has since moved through several approved stages, including one dated Sept. 3. The site’s existing building is 7,020 sq ft, according to city land-use data.
What’s next
Watch for a construction start. The loan is recorded, but a recorded mortgage is not a drawn one, and the filing record does not show whether work has begun. We have not checked whether a demolition permit exists for the existing building. We have also not identified who sits behind QR Real Estate Capital REIT LLC, so we are not characterizing the lender beyond what the recorded document says. A second deed recorded July 8 for $2,500,000 also names EMP 37th Street LLC as buyer, and we have not matched it to a lot.
On the record
What we checked ourselves, and where you can check it too.
- Public recordThe $63,712,962 mortgage is about 4.1 times the $15.4M the same borrower paid for the site seven months earlierView the record on a836-acris.nyc.gov
- Public record85 days passed between the Feb. 17 deed and the May 13 new-building filing for 99 unitsView the record on a810-dobnow.nyc.gov
Sources
- NYC Department of Finance, ACRISMortgage, EMP 37th Street LLC to QR Real Estate Capital REIT LLC, $63,712,962, recorded Sept. 18, 2026
- NYC Department of Finance, ACRISDeed, Cartergavin37 LLC to EMP 37th Street LLC, $15,400,000, recorded Feb. 19, 2026
- NYC Department of Buildings, DOB NOWNew building filing, 35-43 37 Street, Queens, 26 stories, 99 dwelling units, filed May 13, 2026