New Empire Plans Second Condo Project in Long Island City
New Empire Corp. acquired 24-01 Queens Plaza North in Long Island City for approximately $26 million. The 115,000 square-foot lot will be developed into a 100-plus unit condominium development with groundbreaking slated for the fourth quarter of this year.
“Situated on the Northern side of the Queensboro Bridge, we were attracted to this location as it’s a dynamic gateway to Manhattan, and continues to be in demand,” said Bentley Zhao, chairman and CEO of New Empire. “From the success of our other LIC project, The Neighborly, we predict this too will draw interest from first time buyers, many being young professionals who have settled into New York City from outside of the United States, specifically Asia.”
The acquisition of 24-01 Queens Plaza marks New Empire’s second development in LIC. The Neighborly, located at 37-14 NW St., was one of the top selling condo projects in New York City during 2020.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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