Bentley Zhao's New Empire Corporation, a New York City-based developer of mixed-use residential buildings, has acquired a car park in Midtown, located at 10 East 30th Street, for US$33.5 million. This was revealed in a deed recorded in property records on Thursday. The purchase, made through the entity Rolls Yacht Tower Management, was accompanied by an application filed by the developer last week with the New York City Department of Buildings to demolish the seven-storey, 48,500-square-foot car park.
Zhao has not yet disclosed precise plans for the demolition site. However, New Empire's website advertises the address as part of the company’s “Manhattan expansion”. Approximately four blocks to the east, at 567 Second Avenue, New Empire is planning a 14-storey luxury condominium building, according to its website.
Financing and Involved Parties
The deal was financed with a US$20 million mortgage from Ponce Bank. It remains unclear whether any of the parties involved in the purchase worked with external brokerage firms. The seller, Aero Parking, operated the car park between Madison and Fifth Avenue since 1995, according to property records.
A spokesperson for New Empire did not respond to a request for comment. A representative for Aero Parking also did not respond to a press inquiry for comment. The transaction highlights the ongoing interest in mixed-use development in central Manhattan locations.
Further Development Projects in Midtown
New Empire recently concluded a deal to acquire another development in Midtown, a seven-storey office building at 4 West 43rd Street. This property was advertised as an office-to-residential conversion opportunity. These acquisitions signal the company’s expansive strategy in prominent New York City locations, particularly in the Midtown area, which continues to be a hotspot for restructuring and new developments.
- —10 East 30th Street: Location of the acquired car park.
- —4 West 43rd Street: Another planned development project.
- —567 Second Avenue: New Empire's planned 14-storey luxury condominium building.
- —Ponce Bank: Financing partner for the car park transaction.
