EDDIE SMALL Crains New York
Developer Bentley Zhao plans to increase his real estate portfolio with a new condo project in Kips Bay. Zhao recently filed plans with the city Department of Buildings for a development at 429 Second Ave., between East 24th and East 25th streets, that is designed to span about 60,000 square feet. It will stand 12 stories and 150 feet tall with 59 condos, Zhao said. Morali is the architect of record. Zhao’s company, New Empire, purchased the site through the entity Nere Kips Bay Management in August for $14.8 million, property records show. Demolition permits were filed for the 3-story building at the address last May, according to city records.
RELATED ARTICLES Gindis complete Bay Ridge assemblage for new retail complex Demolition work will start in August, and construction should top off by the end of 2023, according to New Empire Corp. More than half of the condos will include outdoor space, and the building will include a sauna as well, the firm said. New Empire’s current projects include a condominium development at 567 Ocean Ave. in Flatbush, Brooklyn; a residential development at 424 W. 52nd St. in Hell’s Kitchen; and an 85-unit development at 208 Delancey St. on the Lower East Side. Its finished projects include a 73,000-square-foot, 65-unit development at 2128 Ocean Ave. in Midwood, Brooklyn; an 81,000-square-foot, 54-unit development at 834 Sterling Place in Crown Heights, Brooklyn; and a 62,000-square-foot, 55-unit development at 148 E. 24th St. in Kips Bay. Real estate investment firm BEB Capital is betting on the Kips Bay residential market as well. It bought an 18-story apartment building at 312–316 E. 30th St. for $55 million from A.D. Real Estate Investors in February, marking the third time since 2015 that the property has traded hands.