A busy developer in the city just got a little busier.
ZD Jasper, a real estate firm based on Long Island, plans to build a condo development at 37-28 Crescent St. (also addressed as 37-20 Crescent St.) in Long Island City, according to city records and Jasper Wu, vice president of the firm. The project will span about 50,000 square feet with 39 residential units, and it will stand 6 stories and 63 feet tall, according to a recent filing with the Department of Buildings.
The tower will include ground-floor retail as well, and it should cost roughly $32 million to complete, although that number is still being finalized, Wu said in an email to Crain’s. The firm hopes to start construction in late April and finish work by the end of 2026, he said.
ZD Jasper purchased the development site in January for about $8.5 million, property records show. It is located between 37th and 38th avenues and is currently used as a parking lot. The brokers on the deal previously indicated to Crain’s that a mixed-use project with condos and retail was a likely use for the site.
This is just the latest of multiple projects that the developer has underway in the city. The firm is planning to build a 17-story mixed-use project with 25 condos at 171 E. 86th St., the former home of Papaya King on the Upper East Side, along with an 11-story residential development with 128 units at 430 W. 37th St. in Hudson Yards. And last year ZD Jasper paid $47 million for 45-40 Vernon Blvd. in Long Island City, where it plans to build another mixed-use project.
Wu credited his firm’s ability to continue financing deals in a high-interest rate environment to a combination of having its own funds and having access to private investors at a panel discussion in July. He added that land remains fairly affordable, making it “a good time to act if you can.”
