New Empire Corp. to Develop LIC Condominium
The firm has purchased a 115,000-square-foot lot located at 24-01 Queens Plaza North and plans to construct more than 100 turn-key residences.
NEW YORK, NY – Development and construction management firm, New Empire Corp. has acquired a 115,000-square-foot property in New York City’s Long Island City neighborhood for $26 million. The firm plans to develop a more than 100-unit condominium development in the space.
Located at 24-01 Queens Plaza North, the project will feature studio, one-bedroom and two-bedroom units. The turn-key residences will offer the option for customized design, based on the buyer’s preference, at an additional cost. The units may also offer in-residence office spaces to meet the demand of on-going remote work. The development will additionally offer amenities, including a penthouse resident lounge, outdoor space, parking and a state-of-the-art-fitness center.
The property is centered in a retail and restaurant hub near tenants such as Trader Joes and Target. It is situated near the Queensboro Plaza and Queens Plaza stations.
The development will be designed by architecture and interior design firm, ODA New York. Groundbreaking on the project is slated for Q4 2022.
The 24-01 Queens Plaza North project serves as New Empire Corp.’s second development in Long Island City. The firm previously developed the seven-story, 77-unit luxury condominium, The Neighborly, which features 8,000 square feet of amenity space and homes with outdoor space. Located at 37-14 NW St., The Neighborly served as one of New York City’s top selling condominium projects of 2020.
“Situated on the Northern side of the Queensboro Bridge, we were attracted to this location as it’s a dynamic gateway to Manhattan, and continues to be in demand,” states Bentley Zhao, chairman and CEO of New Empire Corp. “From the success of our other LIC project, The Neighborly, we predict this too will draw interest from first time buyers, many being young professionals who have settled into New York City from outside of the US, specifically Asia.”
“With many young professionals renting in Long Island City for quite some time, now could be the time for them to purchase their own home,” says Emily Zhu, CMO of New Empire Corp. “With close proximity to Manhattan and a more affordable price point, Long Island City is transforming from an industrial hub to a diversified, young community.”
New Empire Corp. and ODA New York are currently working together on the luxury condominium development, 208 Delancey, in New York City’s Lower East Side neighborhood, which is set to open this Spring.