Zhi Dong Wu pays $11M to Jasmin Patel for industrial in Long Island City

Zhi Dong Wu of ZD Jasper Realty through the entity Davis Street Development LLC paid $11 million to Jasmin Patel through the entity Davis Street LP for industrial (E9) at 45-17 Davis Street in Long Island City, Queens.
The deal closed on July 21, 2021 and was recorded on July 30, 2021.
The property has 7,125 square feet of built space and 30,375 square feet of additional air rights for a total buildable of 37,500 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $293 per the PincusCo analysis.
The seller bought the property on 16-Aug-19, for $9.6 million.
The signatory for Jasmin Patel was Jasmin Patel. The signatory for Zhidong Wu was Zhidong Wu.
(Q00501883) Plans for a 82-unit, 89,679 square-foot R-2 were filed on April 29, 2021.
The contract date was January 4, 2021.
Within a 400-foot radius of 45-17 Davis Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, three were in new building development. There were three new building permits. The most recent of these three items was a permit on June 15, 2021 for a 76,322-square-foot R-2 building with 92 residential units at 45-25 Davis Street.
Of those nine items, six were loans above $5 million totaling $645.9 million. The most recent of the six was Solomon Feder and Bent Philipson which borrowed $70.0 million from Shelter Growth Capital Partners secured by the 127,456-square-foot, 159-unit rental (D6) on 45-57 Davis Street on May 24, 2021.
UPDATED: Zhi Dong Wu’s company ZD Jasper Realty was added to the post.
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