ZD Jasper Realty pays $8.4M for dev site in Long Island City

ZD Jasper Realty through the entity 3720 Crescent LLC paid $8.4 million to Michael Smith through the entity 24-09 38th Avenue LLC for the industrial building (G7) at 37-20 Crescent Street in Long Island City, Queens. The expected use is ground up development.
The deal closed on January 22, 2025 and was recorded on February 5, 2025. The property has zero square feet of built space and 27,294 square feet of additional air rights for a total buildable of 27,294 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $309 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’s relative Louis Smith bought the property on July 30, 2009, for $8.4 million. The signatory for Michael Smith was Michael Smith. The signatory for ZD Jasper Realty was Jasper Wu. The contract date was August 22, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ZD Jasper Realty purchased six properties in five transactions for a total of $110.1 million and has no record it sold any properties over the past 24 months.
The seller Michael Smith had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 125 feet and is 112 feet deep with a total lot size of 13,647 square feet. The lot is irregular. The zoning is M1-2/R5D which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential. The city-designated market value for the property in 2022 is $1.1 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

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 the 9th 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 6th most active neighborhood among other neighborhoods. It had 6.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 89,630 square feet of built space are industrial buildings, with office buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that ZD Jasper Realty owned at least 20 commercial properties with 412 residential units in New York City with 245,940 square feet and a city-determined market value of $56.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 48 percent of the 245,940 square feet of built space are industrial properties, with elevator properties next occupying 20 percent of the space. The bulk, or 80 percent of the built space, is in Queens, with Manhattan next at 20 percent of the space.

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