429 Second Avenue, Kips Bay, Manhattan

By Jonathan Greenspan, May 23, 2022

Permits have been filed for a 12-story residential building at 429 Second Avenue in Kips Bay, Manhattan.  The parcel is located on the southwest corner of East 25th Street and Second Avenue.

The proposed 125-foot tall development will total 44,571 square feet.  According to the filing, the entire building will be residential in usage.  The plans call for 59 residential units.  The average size of an apartment, based on gross numbers, will be about 755 square feet.  The permit does not reflect any on-site parking.

The lot offers a 6,000 square foot footprint, measuring 60×100.  The tower will cover 80% of the lot with a footprint of 4,800 square feet.

Bentley Zhao of Nere Li Development LLC is listed as the owner behind the application.  Zhao is the Chairman and CEO of New Empire Corp, an active developer throughout the city.  The company’s most recent project is an 85-unit condominium at 208 Delancey Street on the Lower East Side.  The architect for the Kips Bay project is listed as Anthony Morali of Morali Architecture. The site is currently occupied by a nondescript three-story commercial property.

The neighborhood is predominantly residential and is located within easy walking distance to the major medical facilities that line the east side of First Avenue.  Local recreational spots include the East River Greenway and Bellevue South Park at 26th Street.  The area is serviced by the IRT Lexington Avenue 6 line at 23rd and 28th Street.