ZD Jasper signs $117.5M construction loan with Maxim for 128-unit project in Hudson Yards

ZD Jasper Realty through the entity Zdj W 37 LLC as borrower signed a new construction loan with lender Maxim Capital Group through the entity Maxim Credit Group, LLC valued at $117.5 million for the industrial building (G1) at 430 West 37th Street in Hudson Yards, Manhattan.
On the lot, there is one active new building construction project, M00813221, for a 128-unit, 128,331 square-foot R-2 building. The project was submitted by ZD Jasper Realty and filed by Susan Wu with plans filed February 17, 2023 and it has not been permitted yet.
The deal closed on September 4, 2024 and was recorded on September 17, 2024. The prior lender was BridgeCity Capital which held debt that had an original loan amount of $35 million.
The owner bought the property on March 14, 2022, for $51.7 million. The signatory for ZD Jasper Realty was Zhidong Wu. The signatory for Maxim Capital Group was Eric Chan.

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 $7,300 in ECB penalties and $6,190 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 had very little sales volume relative to other neighborhoods with $90.6 million in sales volume in the last two years. For development, Hudson Yards has 1.5 times the average amount of major developments relative to other neighborhoods and is the 19th highest in Manhattan. It had 1.6 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.

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 Jin Sup 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 residential (R-2) building submitted by Tom Wu with plans filed August 1, 2022 and permitted August 30, 2024.

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 18 commercial properties with 207 residential units in New York City with 196,815 square feet and a city-determined market value of $44 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 60 percent of the 196,815 square feet of built space are industrial properties, with elevator properties next occupying 25 percent of the space. The bulk, or 75 percent of the built space, is in Queens, with Manhattan next at 25 percent of the space.

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