ZD Jasper Buys Four Long Island City Lots for New Condo Project

Great Neck, N.Y.-based developer ZD Jasper has paid HVAC company Henick-Lane $24.1 million for four Long Island City, Queens, parcels that the company intends to use to create a 105-unit condominium project.

The buyer secured a $15.7 million loan from Ponce Bank for the project.

The four parcels, totaling 15,000 square feet, are just off Jackson Avenue at 45-40 Pearson Street, 45-33 Davis Street, 45-39 Davis Street and 45-40 Davis Street.

Jakub Nowak and Matthew Rosenzweig from Marcus & Millichap worked with Jonathan Eshaghian and Simona Eliakamal from Isaacson Real Estate to represent the seller. ZD Jasper represented itself in the transaction, according to Rosenzweig. 

Crain’s New York Business was first to report the news.  

The developer plans to break ground on the condominium project — which will include a basketball court, a fitness center, a lounge, 12 parking spots and two retail berths, according to Crain’s — in the summer of 2026, with completion set for 2028.  

“As one of the last infill sites in LIC’s Court Square, the property drew a competitive bidding war, ultimately trading well above our initial ask,” Rosenzweig, who cited the total buildable square footage as 75,000, bringing the sale price to $321 per buildable square foot, said in a statement to Commercial Observer. “Demand was further lifted by the momentum from City of Yes zoning and the site’s rare through-lot frontage on both Davis Street and Pearson, including multiple curb cuts.”

The project will rise alongside several current ZD Jasper projects, including the 17-story Terra, which has 12 rental units at 45-19 Davis Street, and the 25-story Greene, which houses 130 condos at 45-25 Davis Street. 

ZD Jasper has, in fact, had a busy few years on both the development and acquisition fronts. 

In 2023, the company bought 179 East 86th Street, the longtime home of beloved Papaya King, from Extell for $24.5 million, as Commercial Observer reported. The building was razed soon after, and is being replaced by a 17-story, 24-residence condo tower with design by Archimaera and architecture by Skidmore, Owings & Merrill, according to a January 2025 report from CityRealty. 

The developer also bought the site of a closed factory at 45-40 Vernon Boulevard from a partnership of Quadrum Global, Baron Property Group and Simon Development for $47 million in April 2024, as CO reported, for conversion into a 23-story mixed-use tower, according to New York Yimby. ZD Jasper also landed a $117.5 million construction loan in September 2024 for a development at 430 West 37th Street in Manhattan’s Hudson Yards with 128 residential units, as CO reported.   

ZD Jasper, Henick-Lane and Marcus & Millichap did not immediately respond to requests for comment. Isaacson Real Estate could not be reached for comment.

This article has been updated to include a quote and several new details of the sale from Rosenzweig.

Larry Getlen can be reached at lgetlen@commercialobserver.com.