New Empire buys new Hell’s Kitchen condo building for $34M

Omnia, Naveh Shuster sold the 33-unit property at 351 West 54th

TRD New York /
Jun.June 09, 2017 02:55 PM

Bentley Zhao’s New Empire Real Estate Development forked over $34 million for a newly built condominium building in Hell’s Kitchen, according to property records filed with the city Friday.

The Brooklyn-based developer — which is developing several other condos in the neighborhood — snapped up 351 West 54th Street from David Paz’s Omnia Group. Omnia recently completed construction of the condo building in partnership with Naveh Shuster Limited and Northwind Group.

The developers, who paid $8 million for the site in 2012, replaced a two-story commercial building with a seven-story building that houses 33 units across roughly 26,750 square feet. That breaks down to an average apartment size of about 810 feet. Two ground-floor apartments are duplexes with cellar space.

The deal is New Empire’s latest bet on the neighborhood. It recently filed plans for a seven-story residential building at 424 West 52nd Street that will have seven full-floor condos. It’s also planning a seven-unit condo at 409 West 45th Street.

New Empire is also developing a 112-unit condo at 131 East 47th Street, which Zhao bought for $81 million from Extell Development in 2015. The site will house a 49-story tower.

New Empire is based in Sunset Park, where Zhao also operates the New Empire EB-5 Regional Center. The regional center is raising funds from foreign investors for several condo projects, Including The 45th Street condo and a 105-unit building in Prospect Park South. New Empire recently filed plans for a 56-unit condo in Sheepshead Bay that has a projected sellout of $43 million.

Representatives for the developer couldn’t immediately be reached.

(To view more properties owned by New Empire, click here)


Related Articles

arrow_forward_ios
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Photo illustration of Ryan Serhant and  22-43 Jackson Avenue (Getty, Trader Joe's) 

Trader Joe’s to open in LIC early next year

Trader Joe’s to open in LIC early next year
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
(iStock)

To survive, NYC retailers are treating average Joe’s like they’re rich

To survive, NYC retailers are treating average Joe’s like they’re rich
The financing deal comes after AMC theaters have been shuttered for months due to the coronavirus pandemic. (iStock)

AMC nears deal to avoid bankruptcy

AMC nears deal to avoid bankruptcy
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...