ZD Jasper pays $7.7M to expand dev site footprint in Long Island City

ZD Jasper Realty through the entity Davis Street Development LLC paid $7.7 million to Werwaiss Properties through the entity J Werwaiss LLC for the development parcel, at 45-11 Davis Street in Long Island City, Queens.

The deal closed on January 27, 2022 and was recorded on February 9, 2022.

ZD Jasper bought the adjacent parcel at 45-17 Davis Street for $11 million in July 2021. He also took out a $37 million construction loan secured by 44-17 Davis Street.
In addition, ZD Jasper filed plans to demolish Hudson Yards property that it is in contract to buy from Extell Development.
The LIC property has 6,000 square feet of built space and 19,000 square feet of additional air rights for a total buildable of 25,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,283 and the price per buildable square foot is $308 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 Werwaiss Properties was John A. Werwaiss. The signatory for ZD Jasper Realty was Zhi Dong Wu.

The 6,000-square-foot property generated revenue of $79,579 or $13 per square foot, according to the most recent income and expense figures.

There has been one demolition project filed for the parcels over the past five years.
Werwaiss Properties is located at the same address as the seller LLC.  ZD Jasper is located at the same address as the buyer LLC.
In Long Island City, the bulk, or 33 percent of the 66.2 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 30 percent of the space. In sales, Long Island City has 4.2 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 2nd most active neighborhood among other neighborhoods. It had 9.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
On the tax block, the majority, or 65 percent of the 413,624 square feet of built space are residential elevator buildings, with hotel buildings next occupying 16 percent of the space.
Within a 400-foot radius of 45-11 Davis Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, three were in new building development. There were one new building permit application and two new building permits. The most recent of these three items was a permit on June 15, 2021 for a 76,322-square-foot R-2 building with 92 residential units at 45-25 Davis Street.
One of those 11 items was a sale which Zhi Dong Wu bought the 7,125-square-foot, one-unit industrial (E9) on 45-17 Davis Street for $11 million from Jasmin Patel on July 30, 2021.
Of those 11 items, seven were loans above $5 million totaling $647.9 million. The most recent of the seven was Zhi Dong Wu which borrowed $37 million from Bank Hapoalim secured by the 7,125-square-foot, one-unit industrial (E9) on 45-17 Davis Street on August 6, 2021.

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