Long Island-based ZD Jasper Realty has acquired a vacant lot in Queens that is poised for redevelopment for almost $10 million, according to the brokers involved in the deal.
The real estate firm, which in the last year has been actively scooping up parcels in Manhattan and whose vice president Jasper Wu recently expressed skepticism about office-to-residential conversions, purchased 37-20 Crescent St. for $8.5 million, said brokers at Ripco Real Estate, which represented both the buyer and the seller.
It’s unclear what ZD Jasper’s precise plans are for the roughly 125-by-112-foot site between 37th and 38th avenues, but the brokers indicated it will likely be a mixed-use project that includes both residential condos and retail space. The firm, which bought the lot through a private entity named after the address, did not respond to a request for comment by press time.
It’s also unclear who sold the vacant lot, which comes with about 40,000 square feet of buildable space. Ripco declined to identify the seller, which appears to be a limited liability company based near Union Square, according to city records.
ZD Jasper Realty has been very active in the five boroughs in recent months. In April of last year the firm acquired 45-40 Vernon Blvd., located by the Anable Basin in Long Island City, for $47 million, with plans to build a mixed-use residential project, Crain’s reported. The firm also has plans to transform the longstanding but now shuttered Papaya King site on the Upper East Side into a 17-story, mixed-use building.
When it comes to office-to-residential conversions, however, Wu may not be as keen. He told members of the industry over the summer that he thought some plans for converting office space into residential may only work on paper.
Ripco’s Stephen Preuss Sr., Kevin Louie, Andreas Efthymiou, Christian Allimonos, Charles Schirrmeister and Eric Delafraz brokered the sale. The deal also included a $4.2 million loan from Pacific National Bank, which was secured by Ripco’s Adam Hakim and James Murad.
