Bentley Zhao’s New Empire borrows $42M from Axos Bank for construction in Lower East Side

Bentley Shang Zhao’s New Empire Real Estate Development through the entity NERE LI Development LLC as borrower signed a loan agreement with lender Axos Bank valued at $41.5 million for 1 parcel at 208 Delancey Street in Lower East Side. The deal closed on February 28, 2020 and was recorded on March 16, 2020.

This is a loan for new construction. The last time the property sold was December 15, 2017, when Delancey Bridge Tower sold the stalled development project to New Empire Real Estate Development for $29.4 million. At that time, Madison gave a $53.5 million loan, only $12 million of which was recorded in city records.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link