New Empire Real Estate's Long Island City Condo Sells Out For $67.8M

A 77-unit condominium project in Long Island City, located at 37-14 34th Street, has successfully sold out for a total amount of $67,825,000. The developer of the project is New Empire Real Estate, led by Bentley Zhao. The sales were launched in March 2020, just a week before the COVID-19 shutdown in New York City. This project has broken multiple records for the neighborhood, including the price per square foot (PPSF) and the highest sales price for a condo unit.

Summary of transaction details

• Property Type: Condominium
• Transaction Amount: $67,825,000
• Address: 37-14 34th Street
• Market: Long Island City
• Developer: New Empire Real Estate - Bentley Zhao
• Brokers: Nathan Malkoukian, Michael Bethoney & Nayi Shen @NestSeekers @NSNewDevelopments
• Interior Designer: ParisForino
• Total Projected Sellout: $68,045,000
• Total Units: 77

Nathan Malkoukian and Michael Bethoney, representing NestSeekers and NSNewDevelopments, were the brokers responsible for the sales launch of this condominium project. They managed to sell 100% of the building in 9 months, even before construction began. Their success in achieving this feat during challenging times such as the NYC Covid-19 shutdown is commendable.

It is worth noting that this project not only achieved an impressive sellout amount but also set new records in terms of price per square foot and highest sales price for a condo unit in the Long Island City neighborhood.