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Deals & Dealmakers

New Empire Corp. Announces $16.2 Million Acquisition of Condominium Development Site in Queens

New Empire Corp. (NEC), a cutting-edge New York City development and construction management firm, today announced a new condominium development in Woodside, Queens. Located at 58-01 Queens Boulevard, the 19,000 square foot (sqft), rare corner development site was just acquired for $16.2 million. The site is currently home to single-story store which will be demolished as environmental and title analysis progresses.

Upon its completion, the development will accommodate up to 120 studio, one-, and two-bedroom units which will offer luxe designs at modest prices. Additionally, the newly constructed property will feature high-end amenities such as a fitness center, personal storage and parking, children’s playroom, and both indoor and outdoor resident’s lounges. With sweeping views of the New York City skyline, and optimally located near popular shopping districts, two well-known public schools, and large libraries, the completed condominium project will be a draw to single residents and families alike.

“The acquisition of 58-01 Queens Boulevard and the future development of the site will offer attainable luxury to an already vibrant community,” said Bentley Zhao, New Empire Corp’s Chairman and Chief Executive Officer. “In addition to the recent market reports that indicate that apartments in Queens are in limited supply, we believe the property’s optimal location, unique design elements, and efficient unit layouts will be a draw to future residents. Having executed transactions in nearby Long Island City, we are confident that this new development will be a value-add property in the community.”

For those looking to indulge in the vibrant local community, neighboring Sunnyside boasts cuisines from all over the world and is home to both city conveniences and sprawling green spaces. This development site is situated next to Sunnyside Garden, a preserved historic neighborhood with charming low-rise townhouses, and Sunnyside Gardens Park, one of New York City’s two privately owned parks for the exclusive enjoyment of local residents. With immediate proximity to New York City, the new construction is conveniently located near major means of transportation including subway lines, the Long Island Railroad, and bus stops.

This new Woodside acquisition follows the firm’s activity in Long Island City. Earlier this year, New Empire Corp. acquired a 9,000 sqft development site located at 24-01 Queens Plaza North. The firm is expected to break ground on the 100+ unit condominium development in early 2023. New Empire Corp’s The Neighborly LIC, a chic, seven-story condominium, is also nestled in Long Island City. Notably, the building was recognized as one of New York City’s best-selling properties in 2021 after all 77 residences were sold within a 10-month span during the height of the pandemic.

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