Andy Zhu sells LES dev site to Chinese developer for $29M

Bentley Zhao's New Empire Real Estate Development is managing the project for the buyer

New York /
Dec.December 20, 2017 02:20 PM

From left: Rendering of 208 Delancey, Bentley Zhao and Andy Zhu (Credit: Times Group Construction and LinkedIn)

A group of investors led by Andy Zhu sold a Lower East Side project site to a developer from China for $29 million.

Zhu and his partners sold the site at 208 Delancey Street to Bentley Zhao’s New Empire Real Estate Development, which is managing the project for a developer based in the Chinese second-tier city of Wuhan, the seller told The Real Deal.

“The Lower East Side is better for rentals,” Zhu said. “We don’t do a lot of rentals.”

Zhu said he paid $13 million at closing to Titan Capital, his lender on the property.

Zhu and his partners bought the site at the foot of the Williamsburg Bridge for $8.7 million in 2011 at a time when the neighborhood was emerging as a nascent condominium market following a rezoning three years earlier.

The 208 Delancey owners planned a 12-story, 69-unit condo building on the site, but the project stalled and they decided to cash out. In 2016 they had a contract out to sell the site for $29.5 million, but brought the potential buyer to court claiming he failed to close on the deal.

Construction is now halted with the steel structure five stories out of the ground.

New Empire Real Estate’s Zhao, who could not be immediately reached for comment, paid $34 million earlier this year to buy a newly constructed condo building in Hell’s Kitchen.

Zhu, meanwhile, recently sold a large Flushing development site for $115 million. He said he’s going to take the proceeds from the 208 Delancey sale and purchase Korean supermarkets in Flushing.


Related Articles

arrow_forward_ios
A photo illustration of Related Companies' Stephen Ross (Getty)
Related proposes 1,500-room resort in Hudson Yards casino bid
Related proposes 1,500-room resort in Hudson Yards casino bid
Jared Kushner and 666 Fifth Avenue (Getty, David Shankbone, CC BY 2.5 - via Wikimedia Commons)
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
(Getty)
The conspiracy theories plaguing real estate
The conspiracy theories plaguing real estate
Jonathan Landau
Jonathan Landau leaves Fortis to launch firm
Jonathan Landau leaves Fortis to launch firm
Council member Pierina Ana Sanchez and RSA’s Joseph Strasburg (Getty; Twitter)
Citing Bronx fire, Council pushes building violation crackdown
Citing Bronx fire, Council pushes building violation crackdown
SB Development’s Joseph Stern and Northwind’s Ran Eliasaf with rendering of Nova (LinkedIn, NOVA)
SB Development, Hazelton Capital score $62M loan for LIC condo tower
SB Development, Hazelton Capital score $62M loan for LIC condo tower
Illustration of Mayor Eric Adams (Getty; Illustration by Kevin Rebong for The Real Deal)
Oh, rats! Eric Adams contests summons for infestation
Oh, rats! Eric Adams contests summons for infestation
Brookfield's Bruce Flatt with 1100 Newark Turnpike (Loopnet, Brookfield)
Brookfield buys CSX industrial site in Northern New Jersey for $67M
Brookfield buys CSX industrial site in Northern New Jersey for $67M
arrow_forward_ios

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

Loading...