ZD Jasper Realty pays $21.8M for portion of 105-unit LIC dev site, total price $24.1M

ZD Jasper Realty through the entity ZDJ Davis 45 LLC paid $21.8 million to Ernest Henick through the entity 45-39 Davis Street Realty Corp for the development site composed of three parcels including an office building (O2) at 45-43 Davis Street, an industrial building (E9) at 45-39 Davis Street, and an office building (O1) at 45-33 Davis Street in Long Island City, Queens. The expected use is ground up development.

There is a 105-unit, 74,997 square-foot residential (R-2) building plan Q01317435, submitted by ZD Jasper Realty and filed by Jasper Wu with plans filed December 2, 2025 and it has not been permitted yet on four lots, including these three and the adjacent parcel 45-40 Pearson Street. ZD Jasper Realty already owns the parcel 45-40 Pearson Street, which it purchased in December 2025 for $2.29 million, bringing the total cost for the site to $24.1 million.
The three-building deal closed on December 5, 2025 and was recorded on January 2, 2026. The three properties have 12,900 square feet of built space and 49,600 square feet of additional air rights for a total buildable of 62,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,690 and the price per buildable square foot is $348 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 Ernest Henick was Ernest I. Henick . The signatory for ZD Jasper Realty was Jasper Wu . The contract date was May 21, 2025. Henick-Lane is an HVAC company

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 45-43 Davis Street.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer ZD Jasper Realty purchased 10 properties in nine transactions for a total of $127.8 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 sold one property in one transaction for a total of $2.3 million over the same time period. Out of the three properties, two with a total of 12,900 square feet of built space generated revenue of $248,230 per year.

The property

The office building in Long Island City has 12,900 square feet of built space and 49,600 square feet of additional air rights for a total buildable of 62,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 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 $809,000.

Violations and lawsuits

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

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 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 3.2 times the average sales volume among other neighborhoods with $970 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 6.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 45-43 Davis Street, 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 25 commercial properties with 488 residential units in New York City with 258,704 square feet and a city-determined market value of $65.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 46 percent of the 258,704 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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