New Empire Corp Secures $42M Construction Loan For Kips Bay Condo Project

New Empire Corp, represented by Bentley Zhao through NERE Kips Bay Management LLC, has secured a $42 million construction loan from Popular Bank for a 59-unit condominium project located at 429 Second Avenue in Kips Bay, Manhattan. This project is expected to be a significant addition to the Kips Bay market, offering a total of 44,571 square feet. The condo development will feature 59 units, providing ample housing options for potential buyers.

Summary of transaction details

• Property Type: Condo
• Transaction Amount: $42,000,000
• Address: 429 Second Avenue, Kips Bay, Manhattan
• Market: Kips Bay, Manhattan
• Building Square Footage: 44,571
• Number of Units: 59
• Lender: Popular Bank
• Loan Type: Construction
• Landlord: New Empire Corp
• Landlord's Representative: Bentley Zhao

Dean Saltzman, a representative of Popular Bank, played a crucial role in providing the $42 million construction loan for this ambitious condominium project. New Empire Corp, led by Bentley Zhao through NERE Kips Bay Management LLC, will oversee the development of the 59-unit condo building located at 429 Second Avenue. This project is a testament to the vision and expertise of both New Empire Corp and Bentley Zhao, who have successfully secured the necessary funds to bring their plans to fruition. With the financial support from Popular Bank, this construction loan ensures that the project will be carried out smoothly, leading to the realization of a new luxury condominium complex in the heart of Kips Bay, Manhattan.