Bentley Zhao’s New Empire Real Estate Development filed an offering plan for a 56-unit condominium at 2128 Ocean Avenue in Sheepshead Bay, an application with the New York State Attorney General’s office shows.
Zhao is shooting for a $43 million sellout at the 73,000-square-foot project, after buying the lot from Yu Xi-Liu last June for $3.9 million. The previous owners demolished a one-story garage at the site, but Zhao is yet to file new building permits.
New Empire is based in Sunset Park where Zhao also operates the New Empire EB-5 Regional Center from the company’s 3rd Avenue headquarters. The investment center’s website shows that the EB-5 portion of the 2128 Ocean Avenue’s capital stack is already fully funded. Details on the website reveal that unit sizes at the project will average 890 square feet and range from studios to three-bedrooms. In addition to EB-5 money, New Empire obtained an $18.5 million loan from Banco Popular North America in September.
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