Bentley Zhao’s firm bought Flatbush Avenue and Lenox Road sites for $18M
New York / October 27, 2022 03:51 PM By Keith Larsen
UPDATED, Oct. 28, 2022, 10:32 a.m.: Bentley Zhao’s New Empire Corp. is planning to build a new luxury condo project on a commercial strip in Flatbush.
The development firm bought neighboring sites at 757-767 Flatbush Avenue and 21 Lenox Road for $18 million, according to the company. The existing buildings will be demolished.
The plans have yet to be finalized but New Empire is able to build up to 150 condos, the company said. The building will also include a ground floor retail space.
JLL’s Steven Rutman and Stephen Palmese represented both New Empire and the seller.
New Empire has been actively acquiring development sites across New York in places with few existing luxury residential properties.
The company recently acquired property in the heavily residential neighborhood of Woodside, Queens to build a 120-condo project. It also bought a 9,000-square-foot site in Long Island City with plans to build a 100 plus unit condo development.
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In Flatbush’s Prospect Park South, the company recently sold out of its boutique condo development at 567 Ocean Avenue.
New Empire does not have a timeline for construction on 757-767 Flatbush. The site is located on a strip that is home to small businesses, a beauty supply store and discount store close to Prospect Park.
More developers are seeking to build in Flatbush and further out in the boroughs as housing across the city becomes more scarce. Eli Karp’s Hello Living built a 93-unit luxury apartment development at 1580 Nostrand Avenue before recently losing his equity stake to his lender Arch Companies in a UCC foreclosure.
Developers could look to build more free-market condos as opposed to rentals after the expiration of the 421-a tax abatement, which provided a tax break for affordable housing included in a rental development.