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CORE Real Estate, New Empire Corp. Break Ground in Manhattan


Designed during the pandemic, the property includes home office space in every unit.


Developers broke ground on the project this month. Image courtesy of CORE Real Estate and New Empire Corp. Boutique firm CORE Real estate and development and construction management firm New Empire Corp. have broken ground on a new multifamily community at 429 Second Avenue in New York. Designed by architecture firm DXA Studio, Hendrix House is a 12-story, full-service multifamily structure situated in Manhattan’s Kips Bay neighborhood. The property will offer common area amenities that include a fully-equipped fitness center with a steam room and sauna. “We began developing our plans for 429 Second Avenue when the world was still being heavily impacted by Covid, and many residents of New York City were working remotely from their homes,” Bentley Zhao, CEO of New Empire Corp., told Multi-Housing News. “To accommodate what could have been a long-term obstacle to working in a company office space, we developed a plan to include a home office hot spot in every unit in the building. This amenity would empower any resident to work from their home either part- or full-time.” Slated for completion in 2025, the building will offer 59 units. Buyers target Kips Bay Often overlooked by the neighboring Murray Hill and Grammercy Park neighborhoods, Kips Bay has traditionally been a haven for apartment renters. However, first-time home buyers, including young professionals and other would-be property owners, are increasingly snapping up homes in the area. Situated south of Midtown East in an area bordered by East 34th Street to the north, the East River to the east, E 27th to the south and Third Avenue to the west, Kips Bay is viewed as an alternative to the Upper East Side due to its comparatively lower prices, abundance of high-end retailers and wide array of varied cuisines and dining options. Two months ago, plans were announced to partially convert upper floors of an historic Manhattan office building into studio, one- and two-bedroom apartments.


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