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New Empire Corp. pays $38M to Marchi family for dev site in Kips Bay
- jackh65
- 5 hours ago
- 4 min read
UPDATED 7:10 p.m., January 6, 2026: Developer New Empire Corp. paid $38 million to the Marchi family through the entity Marchi Realty Corp. for a development site at the corner of Second Avenue and 31st Street in Kips Bay, Manhattan, in three transactions. To finance the purchase, New Empire Corp. borrowed $24.65 million from Emerald Creek Capital. The properties were marketed for sale as a development site in late 2022, according to a post on Traded NY at that time.
In the largest of the three transactions, New Empire Corp. through the entity NERE Rose Hill Management LLC paid $17.8 million to the Marchi family through the entity Marchi Realty Corp. for the 28-unit residential walkup building (C7) at 247 East 31st Street in Kips Bay, Manhattan and five-unit mixed-use building (S5) at 567 Second Avenue in Kips Bay, Manhattan.The deal closed on December 19, 2025 and was recorded on January 6, 2026. The two properties have 16,061 square feet of built space and 35,875 square feet of additional air rights for a total buildable of 51,933 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,109 and the price per buildable square foot is $343 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
In the second, New Empire Corp. through the entity Nere Rose Hill Management LLC paid $12.1 million to Dean Marchi through the entity Marchi Realty Corp for the 18-unit residential walkup building (C7) at 563 2nd Avenue in Kips Bay, Manhattan. The expected use is cash flowing.The deal closed on December 19, 2025 and was recorded on January 6, 2026. The property has 8,568 square feet of built space and 9,623 square feet of additional air rights for a total buildable of 18,183 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,408 and the price per buildable square foot is $663 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
In the third, New Empire Corp. through the entity Nere Rose Hill Management LLC paid $8.1 million to Dean Marchi through the entity Imperial Estates, Inc for the 12-unit residential walkup building (C7) at 569 2nd Avenue in Kips Bay, Manhattan. The expected use is cash flowing.The deal closed on December 19, 2025 and was recorded on January 6, 2026. The property has 8,333 square feet of built space and 9,070 square feet of additional air rights for a total buildable of 17,401 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $973 and the price per buildable square foot is $466 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Dean Marchi was Dean Marchi. The signatory for New Empire Corp. was Bentley Zhao . The contract date was September 10, 2025.
The sale was brokered by Michael Weiser of GFI Realty Services, according to a post on LinkedIn.
Prior sales, articles and revenue
Prior to this transaction, PincusCo has no record that the buyer New Empire Corp. had purchased any other properties and has no record it sold any properties over the past 24 months.The seller Dean Marchi had not purchased any other properties and sold two properties in two transactions for a total of $6.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mario Marchi, head officer and John Marchi, head officer. The business entity is Marchi Realty Corp.
The property
The residential walkup building with 28 residential units in Kips Bay has 16,061 square feet of built space and 35,875 square feet of additional air rights for a total buildable of 51,933 square feet according to a PincusCo analysis of city data. The parcel has frontage of 58 feet and is 98 feet deep with a total lot size of 5,728 square feet. The lot is irregular. The zoning is C1-8A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.5 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On the tax block of 247 East 31st Street, PincusCo has identified the owners of 13 of the 29 commercial properties representing 106,358 square feet of the 195,569 square feet. The largest owner is Elk Investors, followed by Juan Vallarino Revoccable Trust and then Lawrence Zombek.There are no active new building construction projects on this tax block.
The majority, or 57 percent of the 195,569 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.
The buyer
The PincusCo database currently indicates that New Empire Corp. owned at least 17 commercial properties with 568 residential units in New York City with 193,376 square feet and a city-determined market value of $35.6 million. (Market value is typically about 50% of actual value.) The portfolio has $329.5 million in debt, with top three lenders as Popular Bank, Axos Bank, and WhiteHorse Capital respectively. Within the portfolio, the bulk, or 39 percent of the 193,376 square feet of built space are elevator properties, with D6 properties next occupying 25 percent of the space. The bulk, or 47 percent of the built space, is in Manhattan, with Brooklyn next at 44 percent of the space.
