New Empire Corp. pays $14.8M for development site in Kips Bay

Bentley Zhao’s New Empire Corp. through the entity Nere Kips Bay Management LLC paid $14.8 million to Speiser Dabran Management through the entity Speiser Lp for industrial (I9) at 429 Second Avenue in Kips Bay, Manhattan, industrial (I9) at 433 Second Avenue in Kips Bay, Manhattan, and industrial (I9) at 437 Second Avenue in Kips Bay, Manhattan.
The deal closed on August 24, 2021 and was recorded on August 31, 2021.
The three properties have 17,023 square feet of built space and 27,973 square feet of additional air rights for a total buildable of 45,007 square feet according to PincusCo analysis of city data. The sale price per built square foot is $869 and the price per buildable square foot is $328 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Speiser Dabran Management was James Speiser and Michael Speiser. The signatory for New Empire Corp. was Bentley Zhao.
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.

There has been one demolition project filed for the parcels over the past five years.
Michael Speiser is CEO and president of Speiser Dabran Management. Bentley Zhao is the president of New Empire Corp.

Within a 400-foot radius of 429 Second Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $25.2 million. The most recent of the three was Roni Abudi which borrowed $5.4 million from Investors Bank secured by the 7,410-square-foot, 18-unit rental (C7) on 241 East 24th Street on August 26, 2020.

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