New Empire Real Estate Development, led by Bentley Zhao, filed an offering plan for a 56-unit condo at 2128 Ocean Avenue in Sheepshead Bay, as per an application with the NYS Attorney General’s office. Last June, Zhao purchased the lot from Yu Xi-Liu for $3.9 million. As reported by the Real Deal, Zhao is aiming for a $43 million sellout at the 73,000-square-foot South Brooklyn project. Mr. Zhao has yet to file new building permits for the site where the previous owners demolished a one-story garage.
New Empire Real Estate Group is a real estate development company, who has developed or renovated over 100 projects in New York City, mostly residential condominiums. As of 2016, Mr. Zhao's total investment in Real Estate reached roughly $450 million, with total sales of $700 million. New Empire is headquartered on 3rd Avenue in Sunset Park, which is also home to Mr. Zhao’s New Empire EB-5 Regional Center.
As per the company’s website, New Empire plans for 56 units, with an average size of 890 square feet per apartment. The building will offer studios though to three-bedrooms. In September, New Empire obtained an $18.5 million loan for the Sheepshead Bay project from Banco Popular North America. The company has also fully filled the EB-5 portion of the funding.
Mr. Zhao can expect healthy competition for his condos from Muss Development and Avalon Bay Communities, who are also developing a 232- unit condo tower in Sheepshead Bay, at 1501 Voorhies Avenue. But, that won’t be the only thing on the young entrepreneur’s mind. Zhao’s New Empire is simultaneously developing a 49-story, 122- unit, condominium tower at 131 East 47th Street in Manhattan. In 2015, they purchased the site from Extell Development for $81 million. Also in progress is a Prospect Park South condo tower named ‘Ocean Tower’. The condominium at 269 4th Avenue in Park Slope will have 105-units. Moreover, the developer has a boutique, seven-unit build underway at 409 West 45th Street in Hell’s Kitchen. Mr. Zhao will be raising EB-5 financing for all his aforementioned projects.
By Hadassa Kalatizadeh