ZD Jasper Realty signs $65.7M construction loan with Madison Realty for 24-unit condo project in Carnegie Hill

ZD Jasper Realty through the entity Zdj E 86 LLC as borrower signed a new construction loan with lender Madison Realty Capital through the entity 171 East 86th Street 1 LLC valued at $65.7 million for the 24-unit residential elevator building (D8) at 171 East 86th Street in Carnegie Hill, Manhattan.
On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 119,506 square feet. The largest, M01025480, is a new building project for a 25-unit, 59,753 square-foot R-2 building submitted by ZD Jasper Realty and filed by Susan Wu with plans filed April 10, 2024 and permitted April 29, 2025. On the tax lot, the most recent condominium plan was filed by ZDJ E 86 LLC to create 24 residential units and 2 commercial units in a building at 171 East 86th Street in Carnegie Hill, Manhattan, called 171 East 86th Street Condominium, according to an June 04, 2025 submission to the New York State Attorney General. The principal of the sponsor, ZDJ E 86 LLC, was Zhidong Wu.
The deal closed on August 18, 2025 and was recorded on August 28, 2025. The prior lender was Pacific National Bank which held debt that had an original loan amount of $14.5 million.The property has 69,984 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $938 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 owner bought the property on October 10, 2023, for $24.5 million. The signatory for ZD Jasper Realty was Zhidong Wu . The signatory for Madison Realty Capital was Brad Harris.

Prior sales and revenue

The 69,984-square-foot property generated revenue of $4.4 million or $63 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 24 residential units in Carnegie Hill has 69,984 square feet of built space 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 C2-8A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.1 million. Pacific National Bank on October 10, 2023 bought a loan with an original principal of 14500000.0 from Pacific National Bank signed by Zhidong Wu, secured by 171 East 86th Street, when owned by ZD Jasper Realty.

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 $50 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 263,168 square feet of the 356,670 square feet. The largest owner is Gordon Property Group, followed by Pan Am Equities and then Zd Jasper Realty.
On the tax block, there were three new building construction projects totaling 322,663 square feet. The largest is a 61-unit, 203,157 square-foot residential (R-2) building submitted by Ceruzzi Properties and filed by Kenneth Cartelli with plans filed February 10, 2016 and permitted January 30, 2018. The second largest is a 25-unit, 59,753 square-foot residential (R-2) building submitted by ZD Jasper Realty and filed by Susan Wu with plans filed April 10, 2024 and permitted April 29, 2025.

The majority, or 69 percent of the 356,670 square feet of built space are elevator buildings, with retail buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Zd Jasper Realty owned at least 21 commercial properties with 484 residential units in New York City with 245,940 square feet and a city-determined market value of $57.7 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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