New Empire signs $18M refi with Integritas for new condo project in Woodside

Bentley Zhao’s New Empire Corp. through the entity 5801 Management LLC as borrower signed a refi loan with lender Integritas Capital through the entity Integritas QQ LLC valued at $18 million for the 131-unit residential elevator condominium project at 58-01 Queens Boulevard in Woodside, Queens.

On the lot, there is one active new building construction project, Q00790556, for a 131-unit, 94,609 square-foot R-2 building. The project was submitted by New Empire Corp. and filed by Bentley Zhao with plans filed September 22, 2022 and permitted November 14, 2023. On the tax lot, the most recent condominium plan was filed by 5801 Management LLC to create 131 residential units in a building at 58-01 Queens Boulevard in Woodside, Queens, called 58-01 Queens Boulevard Condominium that has a $119.3 million sellout, according to an September 12, 2023 submission to the New York State Attorney General. The principal of the sponsor, 5801 Management LLC, was Bentley Zhao.
The deal closed on February 21, 2025 and was recorded on March 18, 2025. The prior lender was Stearns Bank which held debt that had an original loan amount of $8.1 million.
The owner bought the property on June 17, 2022, for $16.2 million. The signatory for New Empire Corp. was Stephen Palmese . The signatory for Integritas Capital was Bentley Zhao .

The property

The residential elevator building with 131 residential units in Woodside has 128,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 105 feet deep with a total lot size of 16,424 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.4 million. The most recent loan totaled $8.1 million and was provided by Stearns Bank on June 17, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received three DOB violations, $53,780 in ECB penalties, and $55,370 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 111,158 square feet of the 181,222 square feet. The two identified owners are Kahen Properties and New Empire Corp.
On the tax block, there was one new building construction project filed totaling 94,609 square feet. It is a 131-unit, 94,609 square-foot residential (R-2) building submitted by New Empire Corp. and filed by Bentley Zhao with plans filed September 22, 2022 and permitted November 14, 2023.

The majority, or 93 percent of the 181,222 square feet of built space are elevator buildings, with retail buildings next occupying 7 percent of the space.

The borrower

The PincusCo database currently indicates that New Empire Corp. owned at least 17 commercial properties with 454 residential units in New York City with 193,376 square feet and a city-determined market value of $35.6 million. (Market value is typically about 50% of actual value.) The portfolio has $273.5 million in debt, with top three lenders as Popular Bank, Axos Bank, and WhiteHorse Capital respectively. Within the portfolio, the bulk, or 39 percent of the 193,376 square feet of built space are elevator properties, with D6 properties next occupying 25 percent of the space. The bulk, or 47 percent of the built space, is in Manhattan, with Brooklyn next at 44 percent of the space.

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