Four Kips Bay Buildings Sell for $38M
By Larry Getlen January 7, 2026 1:06 pm
reprints
Four mixed-use properties in the Kips Bay section of Manhattan — 247 East 31st Street, and 563, 567 and 569 Second Avenue — were sold by Dean Marchi, through several business entities, to Bentley Zhao’s New Empire Corporation, also through an affiliated company.
The four properties sold for a total of $38 million. Zhao did not appear to sign the deeds, but, according to Crain’s New York Business, which was first to report the sale, Zhao is “listed as the signatory for a $24.6 million loan from Emerald Creek Capital that is tied to the four adjacent mixed-use buildings.”
New Empire acquired the properties as Nere Rose Hill Management, which is listed at the same address as New Empire Corporation, according to public records and New Empire’s website.
It is unclear who brokered the deal.
According to public records, 247 East 31st Street and 567 Second Avenue were sold from Marchi Realty to Nere Rose Hill Management together for a total of $17.82 million. The building at 563 Second Avenue was sold from two related entities — Marchi Realty and Marchi’s Restaurant — to Nere Rose Hill Management for $12.07 million. And 569 Second Avenue was sold from Imperial Estates to Nere Rose Hill Management for $8.11 million. All three sales were dated Dec. 19, and Dean Marchi in all cases signed on behalf of the seller companies.
New Empire’s plans for the properties, which currently consist of around 60 residential units and several retail spaces, are unclear. However, Commercial Observer noted in July 2022 that New Empire has renovated and built over 100 multifamily projects throughout New York City, and had recently acquired three Queens properties at the time.
In August 2024, CO reported that New Empire secured $72 million in construction financing to build a 117-unit luxury condominium at 24-01 Queens Plaza North in the borough’s Long Island City. Naftali Credit Partners provided New Empire with $18 million in mezzanine financing and syndicated the $72 million to Axos Bank. Eastern Union arranged the financing.
CO noted at the time that New Empire was founded in 1997 by Zhao’s father, and that the company’s projects have included 58-01 Queens Boulevard, 757 Flatbush Avenue, 208 Delancey Street, Six Garfield Place and Hendrix House at 250 East 25th Street.
Dean Marchi and a representative for New Empire did not immediately respond to requests for comment.
Larry Getlen can be reached at lgetlen@commercialobserver.com.
