Late last month, NYC development and construction management firm New Empire Corp. announced the acquisition of neighboring sites for development in Flatbush, Brooklyn. Acquired for $18 million, the lots are located at 757-767 Flatbush Avenue and 21 Lenox Road and total 37,793 square feet combined. According to a press release from New Empire Corp, the existing structures at both 757-767 Flatbush Avenue and 21 Lenox Road - comprised of small retail outlets - will be demolished to make way for a new mixed-use residential development.
“The design process of the building is ongoing, and upon its completion, the project will feature a ground floor retail space that will contribute to Flatbush Avenue’s bustling shopping district and introduce up to 150 one- and two-bedroom condominium units to the market,” the release went on to say. “...the building will offer residents a full suite of indoor and outdoor amenities including a beautifully landscaped green space on the property."
According to New Empire Corp. Chairman and CEO Bentley Zhao, “Following our sales success at our nearby 567 Ocean project, we aim to deliver a similar living experience that prioritizes quality construction and attainable luxury to such a vibrant and fast-growing community.”
This is New Empire Corp.’s fourth recent acquisition, with development on each site progressing. The firm's other acquisitions include a 19,000 square-foot corner site at 58-01 Queens Boulevard in Woodside; a 9,000 square-foot site at 24-01 Queens Plaza North in Long Island City on which the firm expects to break ground on a 100+ unit condominium development in Spring 2023, and 429 2nd Avenue in Kips Bay, which was acquired for $14.8 million and is expected to break ground later this year.