Developer ZD Jasper Realty pays $17.7M for likely dev site in Astoria

Great Neck, LI-based developer, ZD Jasper Realty through the entity 3525 Steinway LLC paid $17.7 million to Wilbee Corporation through the entity Wilbee Corporation for the mixed-use building (K1) at 35-25 Steinway Street in Astoria, Queens. The expected use is ground up development.
The deal closed on January 28, 2026 and was recorded on January 30, 2026. The property has 18,360 square feet of built space and 17,573 square feet of additional air rights for a total buildable of 35,864 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $964 and the price per buildable square foot is $493 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Wilbee Corporation was Maxwell Kaestner . The signatory for ZD Jasper Realty was Zhidong Wu . The contract date was May 21, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer ZD Jasper Realty purchased 13 properties in 10 transactions for a total of $149.6 million and has no record it sold any properties over the past 24 months.
The seller Wilbee Corporation had not purchased any other properties and had not sold any properties over the same time period. The 18,360-square-foot property generated revenue of $722,282 or $39 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Astoria has 18,360 square feet of built space and 17,573 square feet of additional air rights for a total buildable of 35,864 square feet according to a PincusCo analysis of city data. The parcel has frontage of 94 feet and is 190 feet deep with a total lot size of 17,932 square feet. The city-designated market value for the property in 2022 is $3.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $25 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.6 times the average sales volume among other neighborhoods with $845.2 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 1.5 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 29,235 square feet of the 76,344 square feet. The two identified owners are Doris Hinsch Lezny Member and Domain Companies.
On the tax block, there was one new building construction project filed totaling 76,816 square feet. It is a 99-unit, 76,816 square-foot residential (R-2) building submitted by Domain Companies and filed by Stephen Ohnemus with plans filed October 7, 2025 and it has not been permitted yet.

The majority, or 63 percent of the 76,344 square feet of built space are industrial buildings, with mixed-use buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that Zd Jasper Realty owned at least 28 commercial properties with 488 residential units in New York City with 271,604 square feet and a city-determined market value of $67.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 46 percent of the 271,604 square feet of built space are industrial properties, with elevator properties next occupying 18 percent of the space. The bulk, or 82 percent of the built space, is in Queens, with Manhattan next at 18 percent of the space.

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