ZD Jasper signs $35M refi with Chase for new 87-unit rental in Sunnyside

ZD Jasper Realty through the entity Zdj Woodside 52 LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $35 million for the 87-unit residential elevator building (D6) at 43-15 52nd Street in Sunnyside, Queens.

On the lot, there is one active new building construction project, Q00649207, for a 87-unit, 68,999 square-foot R-2 building. The project was submitted by Kathy Ho with plans filed January 13, 2022 and permitted September 8, 2022.
The deal closed on September 5, 2024 and was recorded on September 11, 2024. The prior lender was First-Citizens Bank & Trust Company which held debt that had an original loan amount of $33.5 million.
The property has 68,999 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $507 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 December 15, 2021, for $9.7 million. The signatory for ZD Jasper Realty was Zhidong Wu. The signatory for JPMorgan Chase was Andrea H. Chermayeff.

The property

The residential elevator building with 87 residential units in Sunnyside has 68,999 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,000 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 $252,000. The most recent loan totaled $33.5 million and was provided by First Citizens Bank on June 10, 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 $775 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of eight of the 18 commercial properties representing 99,192 square feet of the 179,180 square feet. The largest owner is George Tsilogiannis, followed by Peter Asadourian and then Ivan Turkalj.
On the tax block, there were six new building construction projects totaling 155,531 square feet. The largest is a 87-unit, 68,999 square-foot residential (R-2) building submitted by Kathy Ho with plans filed January 13, 2022 and permitted June 7, 2022. The second largest is a 32-unit, 24,547 square-foot residential (R-2) building submitted by Ivan Turkalj with plans filed August 17, 2022 and permitted January 16, 2024.

The majority, or 48 percent of the 179,180 square feet of built space are elevator buildings, with walkup buildings next occupying 47 percent of the space.

The borrower

The PincusCo database currently indicates that ZD Jasper Realty owned at least 18 commercial properties, many of which are development sites. (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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