ZD Jasper Realty signs $29.2M construction loan with Bank Hapoalim for 96-unit project in Jamaica

ZD Jasper Realty through the entity ZDJ Jamaica LLC as borrower signed a new construction loan with lender Bank Hapoalim valued at $29.2 million for the 96-unit project at 138-45 Jamaica Avenue in Jamaica, Queens.
On the lot, there is one active new building construction project for a 96-unit, 73,489 square-foot R-2 building. The project was developed by Brad Honigfeld with plans filed April 26, 2021 and permitted December 29, 2022.
The deal closed on January 13, 2023 and was recorded on January 25, 2023.
The signatory for ZD Jasper Realty was Zhidong Wu. The signatories for Bank Hapoalim was Yaroslav Portuhay and Benjamin Azizi.

The property

The 138-45 Jamaica Avenue parcel has frontage of 111 feet and is 135 feet deep with a total lot size of 15,028 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $882,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $15,625 in ECB penalties and $15,625 in OATH penalties in the last year.

The neighborhood

In Jamaica, the bulk, or 30 percent of the 28 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 15 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $349.4 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.1 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 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 three of the nine commercial properties representing 122,340 square feet of the 146,760 square feet. The largest owner is Veevindra P. Ganesh, followed by Ping Yeung and then Briard Group.
On the tax block, there were two new building construction projects totaling 85,429 square feet. The largest is a 96-unit, 73,489-square-foot R-2 building developed by Brad Honigfeld with plans filed April 26, 2021 and permitted December 28, 2022. The second largest is a 49-unit, 11,940-square-foot R-1 building developed by Harjinder Singh with plans filed August 22, 2013 and permitted March 25, 2014.

The majority, or 87 percent of the 146,760 square feet of built space are hotel buildings, with office buildings next occupying 7 percent of the space.

The borrower

The PincusCo database currently indicates that ZD Jasper Realty owned at least 14 commercial properties in New York City with 223,725 square feet and a city-determined market value of $40.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 46 percent of the 223,725 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.

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