ZD Jasper files 52-unit condo plan in Hudson Yards, no sellout amount given

The Wu family’s ZD Jasper Realty through the entity ZDJ 36 LLC filed a condominium plan to create 52 residential and two commercial units in a building at 439 West 36th Street in Hudson Yards, Manhattan, called 439 W 36th Street Condominium, according to a May 13, 2024, submission to the New York State Attorney General. The principal of the sponsor, ZDJ 36 LLC, was Zhidong Wu. The filing does not include the sellout amount, which will be disclosed by the time the plan is accepted.

This condo plan follows a new building plan that Zhidong Wu, using the name Tom Wu, submitted to build a 52-unit residential (R-2) building at 439 West 36th Street in Hudson Yards, Manhattan. The plan was filed with the New York City Department of Buildings on August 1, 2022 under job number M00771011. It calls for the construction of a 12-story building.

ZD Jasper Realty has another, larger building under development on the block,  a 128-unit, 128,331 square-foot residential (R-2) building at 430 West 37th Street.

The property

The parcel has frontage of 75 feet and is 98 feet deep with a total lot size of 7,405 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3 million. The most recent loan totaled $47 million and was provided by Ponce Bank on May 19, 2023.

Prior sales and revenue

This property was sold by Craig Policastro for $15 million to Ex Zdj 36 LLC on December 17, 2021.

Violations and lawsuits

According to city public data, the property has received $21,562 in ECB penalties and $21,562 in OATH penalties in the last year.

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1 million money judgment concerning a construction filed on April 3, 2024, by None against None.

The neighborhood

In Hudson Yards, The majority, or 59 percent of the 16.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 22 percent of the space. In sales, Hudson Yards has near average sales volume among other neighborhoods with $163.6 million in sales volume in the last two years and is the 32nd highest in Manhattan. For development, Hudson Yards has near average amount of major developments among other neighborhoods and is the 16th highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The owner

The PincusCo database currently indicates that Zd Jasper Realty owned at least 18 commercial properties with 207 residential units in New York City with 196,815 square feet and a city-determined market value of $44 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 60 percent of the 196,815 square feet of built space are industrial properties, with elevator properties next occupying 25 percent of the space. The bulk, or 75 percent of the built space, is in Queens, with Manhattan next at 25 percent of the space.

The surrounding

Within a 400-foot radius of 443 West 36 Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. One of those three items was a sale which Kassin Sabbagh Realty bought the 10,425-square-foot, 22-unit rental (C4) on 452 West 36th Street for $5 million from Keystone Management on November 16, 2023. Of those three items, two were loans above $5 million totaling $14.6 million. The most recent of the two was Jin Sup An in which borrowed $8.7 million from NewBank secured by the 12,340-square-foot, one-unit hotel (H3) on 449 West 36th Street on January 23, 2024.

Direct link to the property’s ACRIS page and link to DOB NOW portal.