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New Empire has secured a $20,075,000 loan for its development site at 10 East 30th Street in Manhattan. The two-year financing was provided by Ponce Bank, supporting the continued development of the condominium project.
The financing underscores ongoing lender confidence in well-positioned Manhattan development sites despite a selective capital markets environment. The transaction was brokered by BKREA's Bob Knakal, who represented the ownership in securing the financing.
The financing provides $20,075,000 for the development site, supporting the next phase of the planned condominium project at 10 East 30th Street.
Located in the heart of Midtown Manhattan, the property offers strong development fundamentals and access to one of New York City's most active residential markets.
The loan was provided by Ponce Bank, demonstrating the lender's continued activity in financing qualified development projects throughout New York City.
Developer Bentley Zhao and New Empire continue expanding their portfolio of residential developments across New York City with this latest financing.
Bob Knakal of BKREA represented the ownership in the transaction, leveraging his extensive experience in development site sales and financing.
Although capital markets remain disciplined, well-located development sites with experienced sponsors continue to attract construction and acquisition financing.
The financing reflects ongoing confidence in Manhattan's long-term residential market and continued investment in new condominium development.
Access to development financing remains one of the most important components of bringing new housing projects to market. This transaction demonstrates that lenders continue to support experienced developers with high-quality development sites, particularly in prime Manhattan locations.
The deal also highlights the continued demand for strategic advisory services in development site transactions, where financing, land valuation, and execution expertise play critical roles.
Property: 10 East 30th Street
Location: Manhattan
Property Type: Development Site
Planned Use: Condominium Development
Building Size: 85,133 Buildable Square Feet
Loan Amount: $20,075,000
Loan Term: 2 Years
Borrower: New Empire
Principal: Bentley Zhao
Lender: Ponce Bank
Broker: BKREA – Bob Knakal
The financing was secured for the development site located at 10 East 30th Street in Manhattan.
New Empire secured a $20,075,000 loan.
The property is planned for a condominium development.
The loan was provided by Ponce Bank.
Bob Knakal of BKREA represented the ownership in the financing transaction.
The transaction demonstrates continued lender confidence in experienced developers and well-located Manhattan development sites, despite a more selective lending environment.
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