[sparkling]

New Empire Seeks Demo Permits to Erect Glassy Condo on East 47th Street

LAUREN ELKIES SCHRAM
JULY 20, 2015

A little over a month after closing on the $81 million purchase of four contiguous buildings on East 47th Street, New Empire Real Estate Development has filed applications to demolish the structures to make way for a new glassy condominium.

Last Friday, the Bentley Zhao-led New Empire Real Estate Development filed the applications with the city’s Department of Buildings, DOB records indicate. They include razing a roughly 10-story parking facility and three four-story mixed-use walkup buildings.

The condo at 131-141 East 47th Street will rise 50 stories and contain 138 units, according to CoStar, and there will be 50 covered parking spaces. Construction is slated to begin this coming March. According to New York YIMBY, the building’s designer is SLCE Architects.

Gary Barnett‘s Extell Development sold the four-building site with 128,034 buildable square feet to New Empire Real Estate Development for $1 million more than its $80 million asking price.

On June 2, Extell sold 141 East 47th Street for $12.7 million (Mr. Barnett purchased it for $9 million in October 2013), 131-135 East 47th Street for $42.9 million (Mr. Barnett bought it along with 332 West 44th Street in January 2012 for $39 million), 137 East 47th Street for $12.7 million (Mr. Barnett nabbed it for $8 million in May 2013) and 139 East 47th Street for $12.7 million (Mr. Barnett scooped this one up for $5.5 million in May 2012).

“It is indicative of the continued trend of first-time international buyers buying development sites in the city,” Robert Knakal of Cushman & Wakefield told Commercial Observer. He marketed the properties along with colleagues Clint Olsen, Jonathan Hageman, Ax Hayssen and Patrick Yannotta.