BridgeCity Lends $35M on Purchase of Gary Barnett’s Far West Side Site
By Andrew Coen March 29, 2022 10:54 amreprints
ZD Jasper Realty has nabbed $35 million of acquisition financing for its purchase of an undeveloped three-parcel site on Manhattan’s Far West Side from Gary Barnett’s Extell Development Company, Commercial Observer has learned.
BridgeCity Capital originated the 18-month interest-only loan. Meridian Capital Group arranged the transaction in a deal led by Morris Betesh and Omar Ferreira.
Great Neck, N.Y-based ZD Jasper, led by Tom Zhidong Wu, acquired the site, which spans three lots with industrial buildings at 430 West 37th Street, 434 West 37th Street and 429 West 36th Street from Extell for $51.7 million in a deal that closed March 24, The Real Deal first reported. Extell bought the properties from Central Parking System for $44 million, per TRD.
Extell never developed the properties, but a 2018 rendering from architectural firm BARCHs and reported on by City Realty outlines plans for a 32-story project that would have been comprised of up to 470 apartments and a rooftop garden.
Officials for BridgeCity, ZD Jasper, Extell and Meridian did not immediately return requests for comment.
Andrew Coen can be reached at email@example.com.