Bentley Zhao’s New Empire Real Estate Development borrows $27M from Popular Bank for new development in Park Slope

Bentley Zhao’s New Empire Real Estate Development through the entity First Building Enterprises LLC as borrower signed a loan agreement with lender Popular Bank valued at $26.5 million for 269 4th Avenue in Park Slope. The deal closed on November 22, 2019 and was recorded on December 10, 2019.

Zhao is developing a residential building. The last time the property sold was December 16, 2013, for $4,400,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $70,000. There has been one new building permit application totaling 44,578 square feet. Those plans include a total of 33 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link