ZD Jasper Realty files plans for 190-unit project in LIC at $47M dev site
45-40 Vernon Boulevard (Credit - Archimaera via BSA)
ZD Jasper Realty submitted a major alteration application to convert a parcel with three buildings with a total of 69,550 square-foot building at 45-40 Vernon Boulevard in Long Island City, Queens, into a 190-unit, mixed-use building with 22 stories. The plan was filed with the New York City Department of Buildings on July 23, 2024 under job number Q01078424. It calls for the increase in size of the building from a four-story building with no dwelling units to a 22-story building with 190 dwelling units. The project is described in the filing as: proposed 22-story, mixed-use building. Jasper Wu filed the plans. The architect is Archimaera Architecture.
ZD Jasper is working on several new construction projects in New York City, including a 25-unit project at 171 East 86th Street and a 128-unit project at 430 West 37th Street.
45-40 Vernon Boulevard
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | 1 | RETAIL SPACE 1 (259 OCC), RETAIL SPACE 2 (140 OCC), RETAIL SPACE 3 (375 OCC), LOADING BERTH (3 OCC) | Restaurant | 777 | Assembly | VI | |
| 2 | 1 | BIKE ROOM; TOTAL OF THIRTY-NINE (39) BICYCLE PARKING SPACES | Storage of non combustible Materials | 2 | Storage | II, VI | |
| 3 | 1 | MECHANICAL ROOMS, TRASH ROOM | Mechanical and/or electrical equipment room | 9 | Factory and Industrial | II, VI | |
| 4 | 1 | LOBBY, MAIL ROOM, PACKAGE ROOM, OFFICE | Apartment | 12 | Residential | II | |
| 5 | 2 | MECHANICAL ROOMS | Mechanical and/or electrical equipment room | 5 | Factory and Industrial | II, VI | |
| 6 | 2 | TEN (10) CLASS 'A' DWELLING UNITS, GYM (25 OCC), LOUNGE AND STUDY (23 OCC), GOLF SIMULATOR (9 OCC), TELECONFERENCE ROOMS (2 OCC), REFUSE ROOM, PRIVATE TERRACES ACCESSORY TO INDIVIDUAL UNITS | Apartment | 59 | Residential | II | 10 |
| 7 | 2 | BIKE ROOM; TOTAL OF THIRTY-SEVEN (37) BICYCLE PARKING SPACES | Storage of non combustible Materials | 3 | Storage | II | |
| 8 | 3 | NINETEEN (19) CLASS 'A' DWELLING UNITS, REFUSE ROOM, PRIVATE TERRACES ACCESSORY TO INDIVIDUAL UNITS | Apartment | 0 | Residential | II | 19 |
| 9 | 3 | BIKE ROOM; TOTAL OF TWENTY-ONE (21) BICYCLE PAPRKING SPACES | Storage of non combustible Materials | 1 | Storage | II | |
| 10 | 3 | MECHANICAL ROOM | Mechanical and/or electrical equipment room | 0 | Factory and Industrial | II | |
| 11 | 4 | NINETEEN (19) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 19 |
| 12 | 4 | MECHANICAL ROOMS | Mechanical and/or electrical equipment room | 1 | Factory and Industrial | II | |
| 13 | 5 | SIX (6) CLASS 'A' DWELLING UNITS, REFUSE ROOM, PRIVATE TERRACES ACCESSORY TO INDIVIDUAL UNITS | Apartment | 0 | Residential | II | 6 |
| 14 | 0 | RECREATION SPACE | Apartment | 20 | Residential | II | |
| 15 | 6 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 16 | 7 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 17 | 8 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 18 | 9 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 19 | 10 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 20 | 11 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 21 | 12 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 22 | 13 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 23 | 14 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 24 | 15 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 25 | 16 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 26 | 17 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 27 | 18 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 28 | 19 | NINE (9) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 9 |
| 29 | 20 | THREE (3) CLASS 'A' DWELLING UNITS, REFUSE ROOM, RECREATION SPACE (17 OCC) | Apartment | 17 | Residential | II | 3 |
| 30 | 21 | FOUR (4) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 4 |
| 31 | 22 | THREE (3) CLASS 'A' DWELLING UNITS, REFUSE ROOM | Apartment | 0 | Residential | II | 3 |
| 32 | 0 | STAIR AND ELEVATOR BULKHEADS, MECHANICAL ROOM, RECREATION SPACE (23 OCC) | Apartment | 23 | Residential | II |
The property
The industrial building in Long Island City has 69,550 square feet of built space according to a PincusCo analysis of city data. The parcel has three buildings with frontage of 100 feet and is 100 feet deep with a total lot size of 33,149 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $3.5 million. The most recent loan totaled $25 million and was provided by iCross Capital on April 19, 2024.
Prior sales and revenue
This property was sold with another property by Quadrum Global, Baron Property Group and Simon Development for $47 million to ZD Jasper Realty on April 19, 2024.
The 69,550-square-foot property generated revenue of $609,534 or $9 per square foot, according to the most recent income and expense figures.
Development
Prior to the ZD Jasper plan, Brent Carrier submitted a new building construction project for a 296-unit, 246,690 square-foot residential (R-2) building at 5-49 46 Avenue. The plan was filed on June 9, 2015. It called for the construction of a 295-foot tall, 28-story building and was filed with the New York City Department of Buildings under job number 420654456. The project is described in the filing as: construct new building as show on drawings filed herewith.
Violations and lawsuits
According to city public data, the property has received $3,750 in ECB penalties and $4,170 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 Long Island City, The bulk, or 32 percent of the 60.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 7th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Long Island City is the 9th most active neighborhood among other neighborhoods. It had 5.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 152,600 square feet of the 166,700 square feet. The largest owner is Peak Capital Advisors, followed by Plaxall and then Ronni S. Newman. On the tax block, there were two new building construction projects totaling 299,192 square feet. The largest is a 296-unit, 246,690 square-foot residential (R-2) building submitted by Brent Carrier and filed by Brent Carrier with plans filed June 9, 2015 and it has not been permitted yet. The second largest is a 48-unit, 52,502 square-foot residential (R-2) building submitted by Brent Carrier and filed by Brent Carrier with plans filed May 28, 2015 and it has not been permitted yet.
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
This is the first commercial real estate event of interest identified within the 400-foot radius of 5-49 46 Avenue in the past 24 months.
Direct link to the property’s ACRIS page and link to DOB NOW portal.