ZD Jasper signs $95.3M construction loan with iCross for 186-unit project in LIC

ZD Jasper Realty through the entity ZDJ Vernon LLC as borrower signed a construction loan with lender iCross Capital through the entity Elite 18 LLC valued at $95.3 million for the 186-unit, 192,316-square-foot development at 45-40 Vernon Boulevard in Long Island City, Queens.

ZD Jasper Realty filed Q01078424, a new building project for the residential (R-2) building on July 23, 2024 and permitted April 29, 2025.
The deal closed on April 24, 2025 and was recorded on May 6, 2025. The prior lender was iCross Capital which held debt that had an original loan amount of $25 million.
The owner bought the property on April 19, 2024, for $47 million. The signatory for ZD Jasper Realty was Zhidong Wu . The signatory for iCross Capital was Lily Guo .

The property

The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $4.3 million. The most recent loan totaled $25 million and was provided by iCross Capital on April 19, 2024.

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 $25,325 in ECB penalties and $26,225 in OATH penalties in the last year.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 4 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 7th most active neighborhood among other neighborhoods. It had 6.1 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. There were three pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 152,600 square feet of the 166,700 square feet. The largest owner is Plaxall, followed by Zd Jasper Realty and then Ronni S. Newman.
On the tax block, there were two new building construction projects totaling 299,192 square feet. The largest is a 296-unit, 246,690 square-foot residential (R-2) building submitted by Brent Carrier and filed by Brent Carrier with plans filed June 9, 2015 and it has not been permitted yet. The second largest is a 48-unit, 52,502 square-foot residential (R-2) building submitted by Brent Carrier and filed by Brent Carrier with plans filed May 28, 2015 and it has not been permitted yet.

The majority, or 92 percent of the 166,700 square feet of built space are industrial buildings, with mixed-use buildings next occupying 5 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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