Maxim Capital Group Lends $118M on Hudson Yards Condo Development
ZD Jasper Realty is developing the new tower.
By Cathy Cunningham September 18, 2024 2:03 pm
reprints
A new condo tower is saying “HeY” to Hudson Yards, and just got the dollars to rise.
ZD Jasper Realty just landed $117.5 million of construction financing for its new development at 430 West 37th Street, Commercial Observer can first report.
When completed, the new building will comprise 128 residential units across 11 stories and also include ground- and cellar-level commercial space.
Maxim Capital Group provided the loan, which retires existing debt and also funds completion of the building’s construction.
Jasper Wu led the deal on behalf of the developer, while Maxim’s Adam Glick and Josh Greene led the financing. Meridian Capital’s Morris Betesh negotiated the loan.
“We’re thrilled to partner once again with our valued client on this exciting condominium project in Manhattan’s premier Hudson Yards area,” Greene told CO. “This deal emphasizes our commitment to supporting high-impact developments in New York City’s dynamic real estate market.”
Plans for the project first came to light in February 2023 when New York Yimby reported permits for an 11-story, mixed-use building had been filed with the city. Archimaera Architecture was listed as the architect of record for the soon-to-be 120-foot property.
The development site was previously owned by Extell Development. Extell wanted to erect a 32-story building at the three-parcel site but those plans fell flat, and the developer instead sold it to Great Neck-based ZD Jasper Realty for $51.7 million in March 2022, PincusCo. reported.
Prior to the sale, Extell had spent years acquiring the site’s three parcels from Central Parking System for $44 million, plus $30 million of air rights from the Port Authority of New York & New Jersey, The Real Deal reported.
It’s not the first time that Maxim has worked with ZD Jasper Realty. The lender also financed the developer’s 5 Court Square in Long Island City, Queens, with a $46 million construction completion and condo inventory loan. Elsewhere in Long Island City, it provided a $61.5 million construction and condo inventory loan for ZD Jasper’s Prime LIC building at 22-43 Jackson Avenue.
ZD Jasper Realty didn’t immediately return a request for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
