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New Empire Snags Woodside Site for Future Condos
New Empire Corp. (NEC) has acquired a rare corner development site at 58-01 Queens Blvd. In Queens’ Woodside neighborhood for $16.2 million. The 19,000-square-foot site, currently improved by a single-story store, will give rise to a 120-unit residential condominium development.
“The acquisition of 58-01 Queens Blvd. and the future development of the site will offer attainable luxury to an already vibrant community,” said Bentley Zhao, NEC’s Chairman and CEO. “In addition to the recent market reports that indicate that apartments in Queens are in limited supply, we believe the property’s optimal location, unique design elements, and efficient unit layouts will be a draw to future residents. Having executed transactions in nearby Long Island City, we are confident that this new development will be a value-add property in the community.”
Earlier this year, NEC acquired a 9,000-square-foot development site at 24-01 Queens Plaza North in LIC.
- ◦Sale/Acquisition
- ◦Development
