ZD Jasper Realty signs $47M construction loan for 52-unit project in Hudson Yards
ZD Jasper Realty through the entity Zdj 36 LLC as borrower signed a new construction loan with lender Ponce Bank through the entity Ponce Bank valued at $47 million for the industrial building (E1) at 439 West 36th Street in Hudson Yards, Manhattan.
On the lot, there is one active new building construction project for a 52-unit building. The project was submitted by Tom Wu of ZD Jasper Realty with plans filed August 1, 2022 and it has not been permitted yet.
The deal closed on May 19, 2023 and was recorded on June 8, 2023. The prior lender was Pacific National Bank which held debt that had an original loan amount of $10.5 million.
The owner bought the property on December 17, 2021, for $15 million. The signatory for ZD Jasper Realty was Zhidong Wu. The signatory for Ponce Bank was Steven A. Tsavaris.
The property
The industrial building in Hudson Yards has 15,000 square feet of built space and 29,545 square feet of additional air rights for a total buildable of 44,578 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 98 feet deep with a total lot size of 7,405 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3 million. The most recent loan totaled $10.5 million and was provided by Pacific National Bank on May 20, 2022.
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 received $625 in ECB penalties and $625 in OATH penalties in the last year.
The neighborhood
In Hudson Yards, The majority, or 59 percent of the 16.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 22 percent of the space. In sales, Hudson Yards has near average sales volume among other neighborhoods with $390 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, Hudson Yards has 2.2 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 55,932 square feet of the 350,496 square feet. The two identified owners are ZD Jasper Realty and Jinsup An.
On the tax block, there were two new building construction projects totaling 128,331 square feet. The largest is a 128-unit, 128,331 square-foot residential (R-2) building submitted by ZD Jasper Realty and filed by Susan Wu with plans filed February 17, 2023 and it has not been permitted yet. The second largest is a 52-unit building submitted by Tom Wu with plans filed August 1, 2022 and it has not been permitted yet.
The majority, or 61 percent of the 350,496 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.
The borrower
The PincusCo database currently indicates that ZD Jasper Realty owned at least 14 commercial properties with 120 residential units in New York City with 113,234 square feet and a city-determined market value of $28.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 44 percent of the 113,234 square feet of built space are elevator properties, with industrial properties next occupying 38 percent of the space. The bulk, or 62 percent of the built space, is in Queens, with Manhattan next at 38 percent of the space.
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