Four Kips Bay Buildings Sell for $38M

Four mixed-use properties in the Kips Bay section of Manhattan — 247 East 31st Street, and 563, 567 and 569 Second Avenue — were sold by Dean Marchi, through several business entities, to Bentley Zhao’s New Empire Corporation, also through an affiliated company.

The four properties sold for a total of $38 million. Zhao did not appear to sign the deeds, but, according to Crain’s New York Business, which was first to report the sale, Zhao is “listed as the signatory for a $24.6 million loan from Emerald Creek Capital that is tied to the four adjacent mixed-use buildings.”

Future Plans While New Empire's specific plans for the site have not yet been officially announced, the properties currently consist of approximately 60 residential units and several ground-floor retail spaces. New Empire Corporation is known for its aggressive acquisition and development strategy; the firm has built or renovated over 100 multifamily projects across New York City.

Source: https://commercialobserver.com/2026/01/four-kips-bay-buildings-sell-for-38m/