New Empire Corp., working through an affiliated LLC, has snapped up a chunky Kips Bay development assemblage for $38 million, buying the Marchi family's corner properties that wrap the block at Second Avenue and East 31st Street. The package, which includes buildings at 563–571 Second Avenue and 247–251 East 31st Street, sits directly across from the AMC Kips Bay theater and is considered one of the larger mid‑market development parcels in the neighborhood. With substantial frontage and tens of thousands of buildable square feet, brokers say the site is teed up nicely for a multifamily or mixed‑use project.
Recorded buyer and seller
Public records show the properties were transferred to Nere Rose Hill Management, an entity affiliated with New Empire Corp., according to Commercial Observer. The four buildings at 247 E. 31st St. and 563, 567 and 569 Second Ave. changed hands in December, with the closings recorded in early January. The combined price for the assemblage came in at roughly $38 million.
Brokerage and marketing
GFI Realty Services says its agents Leah Balkany and Michael Weiser represented the Marchi family in the sale, according to New York Real Estate Journal. In a statement shared with that outlet, GFI said, “This transaction underscores the continued strength of the Manhattan development market, particularly for well‑located sites with scale, frontage, and access to transportation and amenities.”
Site specs and neighborhood fit
The assemblage offers roughly 88,000 buildable square feet and about 250 feet of combined frontage wrapping around Second Avenue and East 31st Street, giving it flexibility for a mid‑rise residential or mixed‑use project, per GFI's marketing described by ConnectCRE. The parcels are bordered by national retailers and services, a mix that brokers say boosts leasing prospects for new residential product and supports higher valuation for sites that are close to permit‑ready.
What to watch next
New Empire's own posts say the purchases were financed in part by a roughly $24.6 million loan from Emerald Creek Capital and that the deeds were recorded in early January, per New Empire Corp.'s announcement. Industry watchers will be keeping an eye on Department of Buildings filings or zoning applications that could signal whether the buyer plans a ground‑up development or a gut‑and‑rehab of the existing walkups. The initial transaction documents were recorded in December and then reflected in city records in January, according to The Real Deal.
