ZD Jasper plans 25 units at Carnegie Hill Papaya King site bought from Extell

Zhidong Wu’s, ZD Jasper Realty plans 25 residential units at 171 East 86th Street in Carnegie Hill, Manhattan, which is a corner development parcel long-occupied by Papaya King that Wu purchased from Gary Barnett’s Extell Development last fall, as PincusCo was the first to report. The site also has the address 1530 Third Avenue.
ZD Jasper Realty is a Great Neck-based developer with projects in Hudson Yards, Long Island City, Sunnyside, and elsewhere in New York City.

Susan Wu of ZD Jasper Realty submitted a new building construction project for a 25-unit, 59,753 square-foot residential (R-2) building at 171 East 86 Street in Carnegie Hill, Manhattan. The plan was filed with the New York City Department of Buildings on April 10, 2024 under job number M01025480. It calls for the construction of a 17-story building. The project is described in the filing as: proposed seventeen (17) story + cellar and sub-cellar mixed-use building. The architect is Archimaera Architecture.

The property

The retail building in Carnegie Hill has 5,000 square feet of built space on a 5,000-square-foot lot, according to a PincusCo analysis of city data. The city-designated market value for the property in 2022 is $9.5 million. The most recent loan totaled $14.5 million and was provided by Pacific National Bank on October 10, 2023.

Prior sales and revenue

This property was sold by Extell Development for $24.5 million to ZD Jasper Realty on October 10, 2023.

The 5,000-square-foot property generated revenue of $1.4 million or $275 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $1,010 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Carnegie Hill, The majority, or 56 percent of the 13.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Carnegie Hill has near average sales volume among other neighborhoods with $872.4 million in sales volume in the last two years and is the 11th highest in Manhattan. For development, Carnegie Hill has near average amount of major developments among other neighborhoods and is the 30th highest in Manhattan. It had 777,443 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 three of the 10 commercial properties representing 108,216 square feet of the 356,670 square feet. The largest owner is Mcgee, followed by Pan Am Equities and then Zd Jasper Realty. On the tax block, there were two new building construction projects totaling 262,910 square feet. The largest is a 61-unit, 203,157 square-foot residential (R-2) building submitted by Ceruzzi Properties and filed by Kenneth Cartelli with plans filed February 10, 2016 and permitted January 30, 2018. The second largest is a 25-unit, 59,753 square-foot residential (R-2) building submitted by Susan Wu with plans filed April 10, 2024 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that ZD Jasper Realty owned at least 16 commercial properties in New York City. The bulk, or 60 percent of the built space, is in Queens, with Manhattan next at 40 percent of the space.

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