ZD Jasper submits 122-unit condo plan in Hudson Yards, no sellout price given
489 Ninth Avenue and 501 Ninth Avenue (Credit Jeremiah Zuidema architect)
Zhidong Wu’s ZD Jasper Realty submitted a 122-unit condominium plan for two planned ground-up construction buildings at 489 Ninth Avenue and 501 Ninth Avenue in Hudson Yards, Manhattan. The filing does not disclose a sellout price, which must be disclosed by the time the plan is accepted.
The project is named 489 & 501 9th Avenue Condominium
On these lots, there are two active new building construction projects. The first is a new building project for a 59-unit building (M00771039) submitted by Tom Wu with plans filed September 21, 2022 and it has not been permitted yet. The second is a new building project for a 63-unit building (M00771041 ) submitted by Tom Wu with plans filed September 20, 2022 and it has not been permitted yet. The architect is Archimaera Architecture The two buildings will straddle an existing five-story building that will remain.
In September, Preferred Bank provided ZD Jasper Realty a $103 million construction loan. ZD Jasper Realty paid Joel Wiener’s Pinnacle Group $48 million for the development sites, which were the subject of litigation between Pinnacle Group and its development partner at the site.
Prior sales and revenue
This property was sold with 4 other properties by Pinnacle Group for $48 million to ZD Jasper Realty on May 10, 2022.
Violations and lawsuits
According to city public data, the property has received $50 in OATH penalties in the last year.
The property was involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $5 million money judgment concerning a partnership filed on July 29, 2022, by Erik Eckstein and Eckstein Development Group against Joel Wiener and Pinnacle Group.
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 near average sales volume among other neighborhoods with $318.4 million in sales volume in the last two years and is the 31st highest in Manhattan. For development, Hudson Yards has near average amount of major developments among other neighborhoods and is the 13th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of nine of the 18 commercial properties representing 489,104 square feet of the 622,035 square feet. The largest owner is Andrew Marin, followed by Happy Living Development and then Pinnacle Group. On the tax block, there were three new building construction projects totaling 15,155 square feet. The largest is a nine-unit, 15,155 square-foot residential (R-2) building submitted by Levi Balkany with plans filed August 17, 2016 and permitted April 11, 2019. The second largest is a 59-unit building submitted by Tom Wu with plans filed September 21, 2022 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that ZD Jasper Realty owned at least 15 commercial properties with 207 residential units in New York City with 118,234 square feet and a city-determined market value of $38.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 42 percent of the 118,234 square feet of built space are elevator properties, with industrial properties next occupying 37 percent of the space. The bulk, or 59 percent of the built space, is in Queens, with Manhattan next at 41 percent of the space.
The surrounding
Within a 400-foot radius of 505 9 Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, three were loans above $5 million totaling $96.6 million. The most recent of the three was Quadrum Global in which borrowed $82.5 million from Affinius Capital secured by the 148,178-square-foot, 374-unit hotel (H2) on 351 West 38th Street on March 22, 2023.
Direct link to the property’s ACRIS page and link to DOB NOW portal.