New Empire Corporation Buys Midtown Parking Garage for $33M

Bentley Zhao’s New Empire Corporation, a New York City-based developer of residential mixed-use buildings, dropped $33.5 million to acquire a Midtown parking garage at 10 East 30th Street, according to a deed filed in property records on Thursday.

The purchase, made through the entity Rolls Yacht Tower Management, follows an application filed by the developer last week with the New York City Department of Buildings to demolish the seven-story, 48,500-square-foot garage. 

Zhao has yet to disclose his exact plans for the demolition site, but New Empire’s website advertises the address as part of the company’s “Manhattan expansion.” Roughly four blocks east, at 567 Second Avenue, New Empire is planning a 14-story luxury condominium building, according to the website. 

A spokesman for New Empire did not respond to a request for comment. 

The deal was made with a $20 million mortgage from Ponce Bank. It is unclear whether either party in the purchase worked with outside brokerages. The seller, Aero Parking, has operated the parking garage between Madison and Fifth avenues since 1995, according to property records.

New Empire recently entered into a contract to acquire another Midtown development, this one a seven-story office property at 4 West 43rd Street. The property was advertised as an office-to-residential redevelopment opportunity. 

A representative for Aero Parking did not respond to a request for comment. 

Emily Davis can be reached at edavis@commercialobserver.com.