New Empire snaps up controversial church’s Midtown HQ for likely resi project
Bentley Zhao’s firm in contract to buy 4 West 43rd from Unification Church for $51M
APR 20, 2026
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Bentley Zhao is eyeing a property owned by a controversial church for a project he likely hopes will be less controversial.
New Empire is in contract to purchase the property at 4 West 43rd Street in Midtown Manhattan for $51 million, Crain’s reported. The deal is not yet finalized and requires approval from either a judge or the attorney general because the seller, the Family Federation for World Peace and Unification, is a religious nonprofit.
The deal for the seven-story, 73,000-square-foot office and events property breaks down to about $699 per square foot. The contract was disclosed in filings with the Manhattan state Supreme Court.
Zhao’s plans for the property are unclear and he did not respond to a request for comment from the publication. But his firm is known for its condo developments all over New York City, so a conversion seems likely.
A replacement for the property could span as much as 180,000 square feet for a residential building, contingent on achieving zoning bonuses likely tied to affordable housing.
The Unification Church, also called the Moonies in reference to its founder, tasked an Avison Young team with selling its one-time headquarters space two years ago. The building sits close to Bryant Park, not an area known for its residential high-rises, but pitched as a conversion candidate anyways.
The building was constructed in the late 1890s and sold to Columbia University to use as the Columbia University Club. In 1975, the Unification Church bought the property for $1.8 million.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
The 72,568-sf office building, currently owned by Holy Spirit Association has a development potential of over 150,000-sf.
The 72,568-square-foot (sf) property includes a ZFA of 125,530-sf for residential development (10x FAR with potential for an additional 2x FAR through an amenity bonus as per ZR 81-241) and 150,636-sf for commercial development (12x FAR). There is a path to fully vacating the Property, making it a considerable development opportunity.
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“Since COVID changed the office landscape in NYC, the Bryant Park area has seen an increase in residential development like 520 Fifth Avenue whose pre-completion sellouts are exceeding expectations,” said Nelson.
“We’ve seen very few large-scale development sites for sale since the sunsetting of the 421-a tax abatement. Since the passing of 485-x and the future possibilities around the City of Yes, developers are more eager to get off the sidelines,” said Polakoff.
The property’s location exists in a prime area of Midtown East where residential condominium, rental apartment, and trophy/class A office developments are booming. “This is a great opportunity to bring housing into a neighborhood that is rapidly transforming from a commercial hub to a live-work area. Given the development potential and vacant delivery of the property, the eventual sale of the property could likely lead to a brand-new building spanning over 150,000-sf, taking advantage of a substantial amount of unused air rights with the ability to be transferred to the parcel,” said Marolda.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I saw that the other day and found it too depressing to write about. With all of the mundane, let alone decrepit, buildings in this area, it’s horrific that this stunning jewel will be razed.
It sits directly across the street from a landmarked building that it sort of mirrors, and oddly enough, directly next to a landmarked building that you wouldn’t think would be. Just one of those things. Maybe they can do something Steinway style.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Besides 520 5th, some context for the immediate area...
This one is landmarked...
As is this one...
This site, while not landmarked, could see either a new building, or a hybrid....
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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