ZD Jasper Realty pays $2.3M for parcel in Long Island City

ZD Jasper Realty through the entity ZDJ Davis 45 LLC paid $2.3 million to Ernest Henick through the entity Pearson Street Owner LLC for the two-unit building (B3) at 45-40 Pearson Street in Long Island City, Queens. The expected use is ground up development.
The deal closed on December 5, 2025 and was recorded on December 12, 2025. The property has 1,784 square feet of built space and 10,725 square feet of additional air rights for a total buildable of 12,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,285 and the price per buildable square foot is $183 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 seller bought the property on April 10, 2025, for $1.1 million. The signatory for Ernest Henick was Ernest I. Henick . The signatory for ZD Jasper Realty was Jasper Wu . The contract date was December 5, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ZD Jasper Realty purchased nine properties in eight transactions for a total of $125.5 million and has no record it sold any properties over the past 24 months.
The seller Ernest Henick had not purchased any other properties and had not sold any properties over the same time period.

The property

The building with 2 residential units in Long Island City has 1,784 square feet of built space and 10,725 square feet of additional air rights for a total buildable of 12,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-5/R7-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

On the lot, there is one active new building construction project, Q01317435, for a 105-unit, 74,997 square-foot R-2 building. The project was submitted by ZD Jasper Realty and filed by Jasper Wu with plans filed December 2, 2025 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of nine of the 15 commercial properties representing 483,772 square feet of the 520,872 square feet. The largest owner is L+M Development Partners, followed by Joel Zupnick and then Vorea Group.
On the tax block, there were five new building construction projects totaling 318,623 square feet. The largest is a 92-unit, 76,322 square-foot residential (R-2) building submitted by Vee Hospitality and filed by Amit Veeramachaneni with plans filed February 1, 2019 and permitted February 4, 2021. The second largest is a 105-unit, 74,997 square-foot residential (R-2) building submitted by ZD Jasper Realty and filed by Jasper Wu with plans filed December 2, 2025 and it has not been permitted yet.

The majority, or 78 percent of the 520,872 square feet of built space are elevator buildings, with hotel buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Zd Jasper Realty owned at least 24 commercial properties with 486 residential units in New York City with 256,920 square feet and a city-determined market value of $64.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 46 percent of the 256,920 square feet of built space are industrial properties, with elevator properties next occupying 19 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.

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