The Real Deal New York

New Empire’s LIC condo project is aiming for a $78M sellout

The project will have 77 residential units
By Meenal Vamburkar | November 21, 2018 04:45PM

Bentley Zhao and a rendering of 37-14 34th Street (Credit: New Empire Real Estate Development)

Bentley Zhao’s New Empire Real Estate Development is aiming for a $77.8 million sellout at its new Long Island City project.

The building will have 77 residential units along with parking, storage and commercial space, according to the offering plan filed with the state attorney general’s office. The project will span roughly 117,000 square feet at 37-14 34th Street.

In June, New Empire landed a $45 million construction loan for the condo building from Slate Property Group’s lending arm, SPG Capital Partners.

The project is part of a development wave in LIC, which is expected to see a further boost thanks to Amazon’s plans for a campus in the neighborhood. The move has already spiked buyer interest in the area — and is expected to push up residential and retail prices.

Another developer, Zhidong Wu, filed plans this month for a 58-unit residential building at 5 Court Square. The offering plan didn’t indicate a price.

New Empire has been active throughout the city, with condo projects on the Lower East Side, Midtown West, and several in Brooklyn. Representatives for the company did not immediately respond to a request for comment.