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New Empire Corp. Announces $18 Million Acquisition of Neighboring Mixed-use Development Sites in Bro

New Empire Corp. (NEC), a cutting-edge New York City development and construction management firm, recently closed on the acquisition of neighboring sites for development in Flatbush, Brooklyn. Acquired for $18 million, the lots are located at 757-767 Flatbush Avenue and 21 Lenox Road and total 37,793 square feet (sqft) combined. The existing structures at both 757-767 Flatbush Avenue and 21 Lenox Road will be demolished to make way for a new mixed-use development.

The design process of the building is ongoing, and upon its completion, the project will feature a ground floor retail space that will contribute to Flatbush Avenue’s bustling shopping district and introduce up to 150 one- and two-bedroom condominium units to the market. True to New Empire Corp.’s style of design and development, the building will offer residents a full suite of indoor and outdoor amenities including a beautifully landscaped green space on the property.

Bentley Zhao, Chairman and CEO of New Empire Corp. said, “New Empire Corp. prides itself on its ability identify value-add development opportunities in New York City. Following our sales success at our nearby 567 Ocean project, we aim to deliver a similar living experience that prioritizes quality construction and attainable luxury to such a vibrant and fast-growing community.”

Only minutes away from Prospect Park, the building’s future residents will be able to take advantage of a plethora of outdoor activities including lakeside access, a skating rink, walking and bike paths, the Prospect Park Zoo, and a tennis center which are all housed on the park’s 526 acres. Prospect Park goers will have the opportunity to enjoy delicious eats fromSmorgasburg, the largest weekly open-air food market in America, on Sundays. With quick access to major means of transportation including the nearby Parkside Avenue and Winthrop Street subway stations, residents can enjoy some of Manhattan’s best offerings in only 30 minutes.

This is New Empire Corp.’s fourth recent acquisition with development on each site progressing. The acquired sites include:

  • A 19,000 sqft rare corner development site located at 58-01 Queens Boulevard in Woodside, Queens for $16.2 million.

  • A 9,000 sqft development site located at 24-01 Queens Plaza North in Long Island City earlier this year. The firm is expected to break ground on the 100+ unit condominium development in Spring 2023.

  • New Empire Corp.’s 429 2nd Avenue in Kips Bay which was acquired for $14.8 million is expected to break ground later this year.

New Empire Corp. continues to achieve sales milestones and demonstrate their success in navigating New York City’s residential market. Last month, the firm announced that nearly all condominium units are sold at their highly successful Prospect Park South development, 567 Ocean. The firm also celebrated sales and construction milestones at their new Lower East Side development, 208 Delanceyhaving sold 14 of the project’s condominium units in the last two months.


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