A Long Island City development site once planned to include more than 200 residential units has traded hands for $47 million.
ZD Jasper Realty has purchased 45-40 Vernon Blvd., located by the Anable Basin in the Queens neighborhood, from a joint venture of Quadrum Global, Baron Property Group and Simon Development, according to JLL, which brokered the deal for both sides. The sellers had intended to build a 21-story, 202-unit development at the site, and ZD Jasper plans to move forward with a mixed-use residential project, although the company may not stick with those exact dimensions.
The site is home to the former Paragon Paint Factory and approved for a development spanning about 192,000 square feet. The sellers purchased it in 2013 for about $14.7 million, property records show.
The sellers previously hoped to build a 28-story project at the site, close to where Amazon had planned to build part of its second headquarters before walking away, but faced community resistance over its proposed height, according to the Commercial Observer, which first reported the deal. However, they did ultimately receive city approval for their planned 21-story project, according to JLL.
ZD Jasper, founded by Tom Wu, is based on Long Island and has been an active buyer in recent years, largely in Manhattan. It purchased the former Papaya King site at 86th Street and Third Avenue on the Upper East Side from Extell Development in the fall for $24.5 million and plans to build a 25-unit residential condo project with ground-floor retail there. In 2022 the firm also bought a development site from Extell at 430 W. 37th St. in Hudson Yards for about $52 million with plans to build an 11-story, 128-unit residential project.
This is at least the second major Long Island City development site to trade hands in recent months. Midtown-based firm Fisher Bros. had been planning a 240-unit project at 42-50 24th St. in the neighborhood but sold the site to developer Chris Xu’s company earlier this year for $57.5 million.
A JLL team led by Brendan Maddiagn, Rob Hinckley, Michael Mazzara, Ethan Stanton, Winfield Clifford and Vickram Jambu brokered the 45-40 Vernon Blvd. deal.
Eddie Small , 2024-04-23 18:22:27
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