New Empire Corp., dedicated to building mid-rise residential mixed-use projects in New York City, announced the purchase of 24-01 Queens Plaza North in Long Island City for approximately $26 million.
The 117,344-square-foot lot will be used as a condominium development with over 100 units and is expected to break ground 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.
The architecture and interior design firm ODA New York will be designing the units ranging from studios to two bedrooms. New Empire is heeding the remote-work trend and designing individual units with office space. Amenities include a penthouse resident lounge, outdoor space, parking and a fitness center.
The acquisition of 24-01 Queens Plaza is New Empire’s second development in Long Island City. The Neighborly, a seven-story, 77-unit luxury condominium, is located at 37-14 34th St.
Emily Zhu, the chief marketing officer of New Empire, said that many young professionals renting in Long Island City could find their new home with this development.
“With close proximity to Manhattan and a more affordable price point, Long Island City is transforming from an industrial hub to a diversified, young community,” Zhu said.
The Long Island City condo market broke records in 2021 with sales reaching nearly $1 billion. According to a report released by real estate analyst Patrick W. Smith, there were 885 units sold in 2021 valued at $995 million, a big step up from sales in 2019 which were valued at $385 million.