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

The project will have 77 residential units

TRD New York /
Nov.November 21, 2018 04:45 PM

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.


Related Articles

arrow_forward_ios
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

Vishaan Chakrabarti on a Manhattan real estate market without private cars

Vishaan Chakrabarti on a Manhattan real estate market without private cars
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?
Penthouse at 46-30 Center Boulevard (Compass, Google Maps)

LIC penthouse deal is priciest Queens sale in two years

LIC penthouse deal is priciest Queens sale in two years
Social Construct CEO Ben Huh, The Real Deal's Hiten Samtani and Social Construct cofounder Michael Yarne

The REInterview: Social Construct’s founders on making multifamily construction an assembly line

The REInterview: Social Construct’s founders on making multifamily construction an assembly line
2870 Ocean Avenue in Sheepshead Bay (Google Maps)

Chetrit firm to acquire Sheepshead Bay development site

Chetrit firm to acquire Sheepshead Bay development site
Alexandria Real Estate Equities founder Joel Marcus and Alexandria Center for Life Sciences (Getty, Google Maps)

Life-sciences sector proves safe haven for landlords

Life-sciences sector proves safe haven for landlords
123 West 23rd Street and Adam Neumann (Google Maps; Getty Images)

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site
22-15 31st Street (Google Maps)

Supermarket signals demise as Target eyes Astoria

Supermarket signals demise as Target eyes Astoria
arrow_forward_ios

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

Loading...