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Bentley Zhao of New Empire Corp On Five Things You Need To Know To Succeed In The Real Estate Industry
Real estate is a people business before it is a property business — Many people enter the industry believing that success is primarily about finding the right site or negotiating the lowest price. Those things matter, but almost every project depends on relationships — with sellers, lenders, investors, architects, contractors, agencies, brokers, employees, and communities.
As a part of my series about the ‘Five Things You Need To Know To Succeed In The Real Estate Industry’, I had the pleasure of interviewing Bentley Zhao.
Bentley Zhao is the Chairman & CEO of New Empire Corp., a New York City-based development and construction management firm. Since becoming CEO in 2004, Zhao has transformed New Empire into a leader in the NYC real estate market, overseeing the completion of over 120 projects, including condominiums, hotels, and mixed-use properties, adding over 2,000 units to its portfolio.
Under Zhao’s leadership, New Empire handles every aspect of real estate development — from property sourcing to unit marketing — ensuring efficient, high-quality results. With a background in architecture from CUNY New York City College of Technology, Zhao is dedicated to delivering innovative designs and value.
Zhao is also a committed community leader, with a focus on education and sustainable city initiatives. He serves on the Board of Directors for Sing Tao Daily USA, is an Honorary Professor at Huali College, and founded the Asian Commercial Real Estate Association to promote housing attainability and diversity in real estate leadership. During the pandemic, Zhao made significant contributions to local hospitals and charities, earning recognition from the America-China Hotel Association.
He has been honored with numerous awards, including Outstanding 50 Asian Americans in Business and recognition as an Outstanding Business Leader by the New York State Assembly.
Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the Real Estate industry?
I was drawn to real estate because it sits at the intersection of business, design, construction, finance, and, most importantly, people’s daily lives.
A building is not simply a physical asset. It becomes someone’s home, someone’s workplace, and part of the identity of a neighborhood. I found that responsibility both exciting and meaningful.
Early in my career, I became fascinated by the process of turning an idea on paper into something permanent. Real estate development requires you to think many years ahead. You must anticipate how people will live, how neighborhoods will evolve, and what future residents will value long before the building is completed.
That combination of long-term vision and practical execution attracted me to the industry. Over time, my interest grew from individual transactions into the full development process — from site acquisition and financing to design, construction, marketing, sales, and operations.
That ultimately led me to build New Empire Corp. Our goal has always been to create thoughtfully designed projects that make a positive and lasting contribution to New York City.
Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or takeaway you took out of that story?
One recurring lesson in real estate is that the smallest detail can sometimes become more important to a buyer than the feature the development team spent months discussing.
On one project, our team was very focused on the architecture, the finishes, the amenities, and the overall presentation. We believed we had anticipated almost every question. During a walkthrough, however, a prospective buyer spent most of the time asking about storage, furniture placement, and whether a particular wall could accommodate a television.
It was a humbling and useful reminder. Developers may think in terms of square footage, elevations, construction schedules, and return on investment, but residents think about where they will put their shoes, whether their dining table will fit, and how sunlight will enter the room in the morning.
The takeaway was simple: never become so focused on the building that you forget the person who will live in it.
Since then, we have placed even greater emphasis on reviewing layouts from the resident’s perspective. A successful development is not only visually impressive. It must also work naturally in everyday life.
Do you have a favorite “life lesson quote”? Can you share a story or example of how that was relevant to you in your life?
One principle I often return to is:
“Success is the sum of small efforts, repeated day in and day out.”
Real estate projects can take many years to complete. There is rarely one dramatic moment that determines whether a project succeeds. Success usually comes from thousands of smaller decisions: reviewing a drawing one more time, identifying a construction issue early, returning a phone call, listening carefully to a buyer, and following through on a commitment.
There have been projects where the market changed, financing conditions became more difficult, or construction presented unexpected challenges. In those situations, there was no single solution. We had to keep moving forward, one disciplined decision at a time.
That experience taught me that consistency is often more valuable than intensity. A team does not succeed because everyone works extremely hard for one week. It succeeds because people maintain high standards throughout the entire development process.
Are you working on any exciting new projects now? How do you think that will help people?
We are working on several residential developments across Manhattan, Queens, and Brooklyn. Each project responds to a different neighborhood and a different group of future residents, so we do not believe in applying the same formula everywhere.
Projects such as Radiant in Long Island City and Centric in Woodside reflect our focus on creating homes that combine thoughtful design, efficient layouts, strong transportation access, and lifestyle-oriented amenities. We are also developing new projects in Manhattan and Brooklyn that will contribute additional housing and activate underutilized sites.
What excites me most is the opportunity to improve the daily experience of residents. That may mean better natural light, more practical layouts, wellness amenities, outdoor space, smart-home technology, or shared spaces that help create a sense of community.
New York needs more housing, but it also needs better housing. Our responsibility is not simply to add units. It is to create homes that people can enjoy, maintain, and feel proud of for many years.
What do you think makes your company stand out? Can you share a story?
What makes New Empire Corp. stand out is our hands-on and integrated approach to development.
We do not view acquisition, design, construction, marketing, and sales as isolated functions. Each decision affects the others. A design choice can affect construction cost, sales velocity, long-term maintenance, and the resident experience. Our teams work closely across disciplines so that those relationships are considered early rather than addressed after a problem occurs.
For example, when we review a residential floor plan, the conversation is not limited to how attractive it looks on paper. The construction team evaluates feasibility, the sales team considers buyer expectations, the design team studies flow and proportion, and the operations team considers future maintenance.
There have been times when feedback from sales or construction caused us to revise a layout, add storage, improve circulation, or adjust a material. Those changes may appear small individually, but collectively they create a better home.
Our willingness to listen, revise, and remain involved in the details is one of our greatest strengths.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful toward who helped get you to where you are? Can you share a story about that?
I am grateful to the mentors, partners, colleagues, and family members who supported me throughout my career. It would be difficult to identify only one person because real estate is an industry in which no one succeeds alone.
One of my earliest mentors taught me an especially important lesson: never make a commitment casually. He believed that your reputation is created not by what you promise when circumstances are easy, but by what you do when keeping that promise becomes difficult.
I saw him handle challenging situations directly. He did not avoid uncomfortable conversations, and he did not shift responsibility to others. He focused on finding a fair and practical solution.
That example shaped the way I approach leadership. Markets change, projects encounter challenges, and people sometimes disagree. However, trust can be preserved when you communicate honestly, take responsibility, and remain solution-oriented.
I am also deeply grateful to the people within our company. Many of them have stayed committed through demanding projects and difficult market cycles. Their confidence and hard work have made our growth possible.
Can you share three things that most excite you about the Real Estate industry? Please share a story or example if possible.
1. The ability to transform neighborhoods
A well-conceived development can bring new housing, public activity, retail opportunities, and investment to an underutilized location. It can also encourage people to see a neighborhood in a new way.
We have experienced this in areas of Queens and Brooklyn where transportation access and community infrastructure were already strong, but the housing stock had not fully evolved to meet current needs.
2. The connection between design and quality of life
Design directly influences how people feel and function. Natural light, ceiling height, storage, sound control, outdoor space, and room proportions may seem like technical considerations, but they shape a resident’s everyday experience.
It is rewarding to walk through a completed project and see people using spaces that once existed only as drawings.
3. The opportunity to innovate
Technology is changing the way buildings are designed, constructed, sold, and operated. Smart-home systems, energy management, modular construction methods, digital coordination, and better data can improve both efficiency and the resident experience.
The most exciting innovation is not technology for its own sake. It is technology that makes a building safer, more comfortable, easier to operate, and more sustainable.
Can you share three things that most concern you about the industry? If you had the ability to implement three ways to reform or improve the industry, what would you suggest?
1. Housing shortage, affordability, and construction efficiency
One of my greatest concerns is the growing shortage of housing, particularly in cities where demand continues to exceed supply. At the same time, the cost of land, labor, materials, financing, insurance, and regulatory compliance makes traditional housing development increasingly difficult and time-consuming.
One solution we are actively pursuing is ModularX, our modular housing platform. Modular construction allows major building components to be manufactured in a controlled factory environment while site preparation and foundation work are completed simultaneously. This parallel process has the potential to shorten construction schedules, improve quality control, reduce material waste, and create greater cost predictability.
ModularX is not simply about producing buildings faster. It is about creating a more scalable and disciplined housing-delivery system. By standardizing selected components while maintaining flexibility in architecture, layouts, finishes, and neighborhood context, we can create housing more efficiently without making every building look or feel the same.
No single approach can solve the housing shortage by itself. We still need zoning reform, more predictable approvals, infrastructure investment, and cooperation between the public and private sectors. However, I believe modular construction can become an important part of the solution by helping cities deliver quality housing more quickly and efficiently.
2. A fragmented development and approval process
Too often, architects, engineers, contractors, consultants, agencies, lenders, and ownership teams operate in separate channels. This can create delays, duplicated work, and preventable mistakes.
I would support greater digital coordination, clearer agency standards, and more accountability around review timelines. Faster approvals should not mean lower standards. They should mean clearer standards and a more efficient process.
3. Short-term thinking
Real estate is sometimes treated as a short-term financial product rather than a long-term part of the city. That can lead to decisions that reduce quality, increase maintenance costs, or weaken trust.
I would encourage greater transparency around building performance, construction quality, operating costs, and long-term maintenance. Developers, investors, and lenders should evaluate the life cycle of a building, not only the initial transaction.
What advice would you give to other real estate leaders to help their teams thrive and create a fantastic work culture?
First, give people clarity. Team members should understand what they are responsible for, how their work connects to the larger project, and how success will be measured.
Second, create a culture in which people can raise problems early. In real estate, a small issue that is hidden for several weeks can become an expensive issue. Leaders should not punish employees for identifying problems. They should reward honesty and early communication.
Third, remain close to the work. Leadership should not exist only in conference rooms. I believe in visiting projects, reviewing details, speaking directly with team members, and understanding the challenges they are facing.
Finally, hold people accountable while also giving them the opportunity to grow. A strong culture is not one in which standards are low and everyone is always comfortable. It is one in which expectations are high, communication is respectful, and employees know that their contributions matter.
People thrive when they feel trusted, challenged, and supported at the same time.
You are a “Real Estate Insider.” What are five non-intuitive things one should know to succeed in the Real Estate industry?
1. Real estate is a people business before it is a property business
Many people enter the industry believing that success is primarily about finding the right site or negotiating the lowest price. Those things matter, but almost every project depends on relationships — with sellers, lenders, investors, architects, contractors, agencies, brokers, employees, and communities.
A strong relationship does not mean everyone always agrees. It means the parties trust one another enough to address difficult issues honestly.
Some of the best opportunities we have received did not come from a public listing. They came from people who trusted our ability to perform.
2. Moving quickly does not mean rushing
Speed is important, but rushing into a poorly informed decision can create years of consequences.
The fastest projects are often the ones where the team invests more time at the beginning. Careful due diligence, realistic budgeting, design coordination, and early identification of risk allow the later stages to move more efficiently.
A few additional weeks spent resolving an issue before construction can save months of delay and significant expense afterward.
True speed comes from preparation and decisiveness, not from skipping important work.
3. The best deal may be the one you decide not to pursue
Developers naturally want to complete transactions, but discipline is more important than volume.
A site may look attractive because of its location or apparent price. However, zoning limitations, construction complexity, financing risk, market timing, or unrealistic assumptions can make it unsuitable.
Walking away can be difficult after a team has invested substantial time and effort. Nevertheless, protecting the company and its investors sometimes requires saying no.
Not every available opportunity is the right opportunity.
4. The details often create more value than the headline features
A dramatic amenity may attract attention, but residents experience a building through hundreds of smaller details: the location of an outlet, the way a door opens, the amount of closet space, the sound of the mechanical system, and the quality of the lighting.
On several projects, relatively modest design adjustments improved the usefulness of a residence more than a much more expensive decorative feature would have.
Successful developers must understand both the big vision and the small daily experience.
5. Reputation compounds faster than financial returns
Real estate is a long-term industry. The same lenders, investors, consultants, brokers, and contractors often appear across multiple projects.
A short-term advantage gained by treating someone unfairly can create a much larger long-term loss. Conversely, a reputation for honesty, execution, and accountability can generate opportunities that are impossible to create through marketing alone.
Projects end, but your reputation follows you into the next transaction.
I believe the most valuable asset a real estate company owns is not a particular building. It is the confidence that others have in its ability to perform.
Because of your position, you are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the greatest number of people, what would that be?
I would inspire a movement I would call “Build for Belonging.”
The idea is that development should do more than provide physical space. It should help people feel connected to their homes, their neighbors, and their communities.
That would mean designing buildings with welcoming shared spaces, supporting local businesses, creating opportunities for residents to interact, and engaging neighborhoods earlier in the development process.
I would also like the movement to introduce more young people to careers in development, architecture, engineering, construction, and property operations. The industry needs talent from different educational, cultural, and economic backgrounds.
Real estate has an enormous influence on how people experience a city. When we build thoughtfully, we can create not only financial value, but also dignity, opportunity, and a stronger sense of community.
How can our readers further follow your work online?
Readers can follow the latest work of New Empire Corp. through our company website and our official LinkedIn and Instagram channels, where we share project updates, design and construction milestones, community initiatives, and new development announcements.
They can also follow the individual websites and social media accounts of our residential developments to learn more about current projects and upcoming events.
Thank you for your time, and your excellent insights! We wish you continued success.
