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New Empire pays $33.5M for Midtown parking garage at 10 E 30th St
The acquisition is tied to a $20 million mortgage from Ponce Bank and follows filings to demolish the seven-story, 48,500-square-foot garage.
Commercial Observer reports that New Empire Corporation, a New York City developer of residential mixed-use buildings, paid $33.5 million to acquire a Midtown parking garage at 10 East 30th Street, according to a deed filed in property records.
The purchase was made through the entity Rolls Yacht Tower Management, and it follows an application submitted to the New York City Department of Buildings to demolish the seven-story property, which totals 48,500 square feet. New Empire has not yet disclosed its specific plans for the redevelopment site, but the company website describes the address as part of its Manhattan expansion.
The deal included a $20 million mortgage from Ponce Bank, and it remains unclear whether the transaction involved outside brokerages. The seller, Aero Parking, has operated the garage between Madison and Fifth avenues since 1995, based on property records.
Commercial Observer also notes that New Empire recently contracted to acquire another Midtown property at 4 West 43rd Street, a seven-story office building advertised as an office-to-residential redevelopment opportunity.