ZD Jasper Realty files plans for 128-unit building in Hudson Yards

Susan Wu, operations manager of ZD Jasper Realty submitted a new building construction project for a 128-unit, 128,331 square-foot residential (R-2) building at 430 West 37th Street in Hudson Yards, Manhattan. The plan was filed with the New York City Department of Buildings on February 17, 2023 under job number M00813221. It calls for the construction of a 11-story building. The project is described in the filing as: proposed 11-story and cellar mixed-use building. The architect is Archimaera Architecture PC.

The property

The parcel has frontage of 200 feet with a total lot size of 19,750 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 $3.8 million. The most recent loan totaled $35 million and was provided by BridgeCity Capital on March 14, 2022.

Prior sales and revenue

ZD Jasper Realty bought the parcel and three other parcels from Extell Development for $51.7 million on March 14, 2022.

Development

Susan Wu, operations manager of ZD Jasper Realty submitted a new building construction project for a 128-unit, 128,331 square-foot residential (R-2) building at 430 West 37 Street. The plan was filed on February 17, 2023. It calls for the construction of a 120-foot tall, 11-story building and was filed with the New York City Department of Buildings under job number M00813221. The architect is Archimaera Architecture Pc. The project is described in the filing as: proposed eleven (11) story + cellar mixed-use building.

Violations and lawsuits

According to city public data, the property has received $600 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 Hudson Yards, The majority, or 68 percent of the 20.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 17 percent of the space. In sales, Hudson Yards has near average sales volume among other neighborhoods with $340.6 million in sales volume in the last two years and is the 28th highest in Manhattan. For development, Hudson Yards has near average amount of major developments among other neighborhoods and is the 13th highest in Manhattan. It had 2.4 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 block

On this tax block, PincusCo has identified the owners of six of the 39 commercial properties representing 74,793 square feet of the 446,558 square feet. The largest owner is DDK & Company, followed by Jinsup An and then ZD Jasper Realty. On the tax block, there were two new building construction projects totaling 128,331 square feet. The largest is a 128-unit, 128,331 square-foot residential (R-2) building submitted by ZD Jasper Realty and filed by Susan Wu with plans filed February 17, 2023 and it has not been permitted yet. The second largest is a 52-unit building submitted by Tom Wu with plans filed August 1, 2022 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that ZD Jasper Realty owned at least 15 commercial properties with 109 residential units in New York City with 223,905 square feet and a city-determined market value of $41.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 46 percent of the 223,905 square feet of built space are D6 properties, with industrial properties next occupying 28 percent of the space. The bulk, or 81 percent of the built space, is in Queens, with Manhattan next at 19 percent of the space.

The surrounding

Within a 400-foot radius of 432 West 37th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. One of those six items was a sale which ZD Jasper Realty bought the 15,000-square-foot, one-unit industrial (E1) on 439 West 36th Street for $15 million from Craig Policastro on January 4, 2022. Of those six items, five were loans above $5 million totaling $264.3 million. The most recent of the five was Joy Construction in which borrowed $97 million from Natixis secured by the 178,414-square-foot, 188-unit rental (D7) on 421 West 35th Street on July 19, 2022.

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