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New Empire Corp. Acquires 24-01 Queens Plaza North in Long Island City for Approximately $26 Million

January 31, 2022

Copyright © 2022 Mann Publications

New Empire Corp. (New Empire), the development and construction management firm dedicated to designing and building mid-rise residential and mixed-use projects in New York City, recently announced the acquisition of 24-01 Queens Plaza North in Long Island City for approximately $26 million. The 8,967 square-foot lot will be developed into a 100+ unit condominium development with groundbreaking slated for Q4 of this year.

“Situated on the Northern side of the Queensboro Bridge, we were attracted to this location as it’s a dynamic gateway to Manhattan, and continues to be in demand,” said Bentley Zhao, Chairman and CEO of New Empire. “From the success of our other LIC project, The Neighborly, we predict this too will draw interest from first time buyers, many being young professionals who have settled into New York City from outside of the United States, specifically Asia.”

Award-winning architecture and interior design firm ODA New York will be working with New Empire to design a “unique dwelling environment,” with an engaging façade and turn-key, efficient residences ranging from studios to two-bedrooms, featuring the option for a customized design based on the buyer’s preference and personal needs, at an additional cost. To meet the demand of the continued work remote trend, floor plan offerings may also have in-residence office spaces. Premier amenities will include a penthouse resident lounge, outdoor space, parking and state-of-the-art-fitness center. ODA and New Empire Corp. are currently working together to on 208 Delancey, a luxury condominium development in the Lower East Side, which is set to open this upcoming spring.

The acquisition of 24-01 Queens Plaza marks New Empire’s second development in Long Island City. The Neighborly, located at 37-14 NW Street, is a 7-story, 77-unit luxury condominium with 8,000 square feet of amenity space and homes with outdoor space. It was one of the top selling condominium projects in New York City during 2020.

“With many young professionals renting in Long Island City for quite some time, now could be the time for them to purchase their own home,” said Emily Zhu, Chief Marketing Officer of New Empire. “With close proximity to Manhattan and a more affordable price point, Long Island City is transforming from an industrial hub to a diversified, young community.”

As Queens is often referred to as “the World’s borough,” it’s the second largest of the boroughs by population, with Long Island City being known as one of the most scenic enclaves offering riverside views and even better sightseeing opportunities.

24-01 Queens Plaza North is a close commute to the newly renovated LaGuardia Airport and is also walkable from the Queensboro Plaza and Queens Plaza stations, which have major subway and bus lines. It’s in the center of a growing hub for fine dining, shopping and retail, including national tenants such as Trader Joes and Target all nearby.

With expertise in condo and mixed-use development, New Empire’s portfolio currently includes projects in Brooklyn, Manhattan and Long Island City, notably: 2128 Ocean Avenue, 4907 4th Avenue, 78 Amity Street, 286 Spring Street, 409 West 45th Street, and 424 West 52nd Street. Additionally, New Empire has its own construction sector, New Empire Builder, making it a virtually integrated firm. An expert team ranging from engineers, architects, designers, tradesmen and corporate leaders work with New Empire to see the project through from ground up development to sales.


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