ZHL Group pays $27.6M for 102-unit dev site in LIC

ZHL Group through the entity 44lic Development Sp LLC paid $27.6 million to White Family Limited Partnership through the entity White Family Limited Partnership for the property at 11-49 44th Drive in Long Island City, Queens. The expected use is ground up development.
On the lot, there is one active new building construction project, Q01139599, for a 102-unit, 74,728 square-foot residential (R-2) building. The project was submitted by Jonathan White and filed by Jonathan White with plans filed November 27, 2024 and it has not been permitted yet.
The deal closed on December 10, 2024 and was recorded on December 20, 2024. The property has zero square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $369 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 signatory for White Family Limited Partnership was Carole White. The signatory for ZHL Group was Yevgeny Lvovskiy. The contract date was April 19, 2024. The White Family LP filed plans for a 102-unit building this year. This is a new tax lot, 5, carved from the larger tax lot 40, which the White Family has owned since 1966. The family owns White Coffee.

ZHL Group financed the purchase with a $16.5 million acquisition loan from Emerald Creek Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer ZHL Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller White Family Limited Partnership had not purchased any other properties and had not sold any properties over the same time period.

The property

PincusCo cannot determine the lot area of the 11-49 44th Drive parcel at this time.

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 not received any significant violations in the last year.

Development

The block

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 67,700 square feet of the 179,100 square feet. The largest owner is Simon Blitz, followed by Dulji Drekovic and then Werner Schilling.
On the tax block, there was one new building construction project filed totaling 74,728 square feet. It is a 102-unit, 74,728 square-foot residential (R-2) building submitted by Jonathan White and filed by Jonathan White with plans filed November 27, 2024 and it has not been permitted yet.

The majority, or 68 percent of the 179,100 square feet of built space are industrial buildings, with retail buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that ZHL Group owned at least 10 commercial properties with 108 residential units in New York City with 55,825 square feet and a city-determined market value of $19.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 55,825 square feet of built space are office properties, with industrial properties next occupying 11 percent of the space. The bulk, or 65 percent of the built space, is in Bronx, with Manhattan next at 19 percent of the space.

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