ZD Jasper Realty signs $74M refi with Morgan Stanley for 122-unit building in Long Island City

ZD Jasper Realty through the entity Davis Street Development LLC as borrower signed a refi loan with lender Morgan Stanley through the entity Morgan Stanley Bank, N.A. valued at $74 million for the 122-unit residential elevator building (D7) at 45-19 Davis Street in Long Island City, Queens.
The deal closed on September 19, 2025 and was recorded on September 26, 2025. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $44.3 million.The property has 122,861 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $602 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 July 21, 2021, for $11 million. The signatory for ZD Jasper Realty was Zhidong Wu . The signatory for Morgan Stanley was Cynthia Eckes .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Zhidong Wu, head officer and Susan Wu, agent. The business entities are Andover Property Management and Davis Street Development Llc. The 122,861-square-foot property generated revenue of $5.7 million or $47 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 122 residential units in Long Island City has 122,861 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,500 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 $1.6 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 received $50 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, Q00501883. The project was submitted by JD Jasper and filed by Tom Wu with plans filed April 29, 2021 and permitted August 24, 2023.

The block

On this tax block, 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 three new building construction projects totaling 205,305 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 72-unit, 66,670 square-foot hotel/dormitory/shelter (R-1) building submitted by VOREA Group and filed by Peter Papamichael with plans filed March 1, 2019 and permitted July 21, 2020.

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 borrower

The PincusCo database currently indicates that ZD Jasper Realty owned at least 22 commercial properties with 484 residential units in New York City with 245,940 square feet and a city-determined market value of $61.9 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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