ZD Jasper signs $33.5M construction loan for 87-unit development in Woodside

ZD Jasper Realty through the entity Zdj Woodside 52 LLC as borrower signed a new construction loan with lender First Citizens Bank valued at $33.5 million for the development building (V1) at 43-13 to 43-21 52nd Street in Woodside, Queens.
The deal closed on June 10, 2022 and was recorded on July 1, 2022. The prior lender was Maxim Credit Group which held debt that had an original loan amount of $6 million.
The owner bought the property on December 15, 2021, for $9.7 million. The signatory for ZD Jasper Realty was Zhidong Wu. The signatory for First Citizens Bank was Garrett Thelander. Zhidong “Tom” Wu is the founder of ZD Jasper Realty.

The property

The 4313 – 4321 52nd Street parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $219,000.The most recent loan totaled $6 million and was provided by Maxim Credit Group on December 15, 2021.

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 $7,500 in ECB penalties and $7,650 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 87-unit, 98,530-square-foot R-2 building. The project was developed by Kathy Ho with plans filed January 13, 2022 and it has not been permitted yet.

The neighborhood

In Sunnyside, the bulk, or 42 percent of the 19.6 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 23 percent of the space. In sales, Sunnyside has near average sales volume among other neighborhoods with $296.3 million in sales volume in the last two years and is the 6th highest in Queens. For development, Sunnyside has near average amount of major developments among other neighborhoods and is the 9th highest in Queens. It had 920,428 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 23 commercial properties representing 127,437 square feet of the 175,583 square feet. The largest owner is George Tsilogiannis, followed by Ovidiu Mihu and then Peter Asadourian. There are six active new building construction projects totaling 179,847 square feet. The largest is a 87-unit, 98,530-square-foot R-2 building developed by Kathy Ho with plans filed January 13, 2022 and it has not been permitted yet. The second largest is a 27-unit, 26,973-square-foot R-2 building developed by Xiaoke Tang with plans filed April 13, 2022 and it has not been permitted yet.

The majority, or 42 percent of the 169,668 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 39 percent of the space.

Surrounding

Within a 400-foot radius of 4313 – 4321st 52nd Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, four were in new building development. There were one new building permit application and three new building permits. The most recent of these four items was a filing on April 13, 2022 for a 22,945-square-foot R-2 building with 27 residential units at 43-25 52nd Street.
Of those eight items, four were loans above $5 million totaling $560.8 million. The most recent of the four was Yongyut Limleartvate which borrowed $8.3 million from Emerald Creek Capital secured by the 13,035-square-foot, one-unit industrial (G2) on 52-19 Queens Boulevard and two other properties on March 16, 2022.

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