For nearly three years, a Chinese developer has been quietly rebuilding the Queens skyline.
ZD Jasper’s sleek rental towers and luxury condos first appeared in Long Island City in 2019, and since then the forthcoming project has expanded to the company’s headquarters on Long Island’s Great Neck, East grew rapidly to
But now the developers are reversing course, hopping over the East River and sinking teeth into Manhattan’s Far West Side. All three planned homes and developable sites are just a stone’s throw from each other.
The company’s chief financial officer, Jasper Wu, declined to comment on ZD Jasper’s efforts. But public records offer a glimpse.
On 9th Avenue between West 37th and West 38th Streets (just off Dyer Avenue in the Lincoln Tunnel artery), developers submitted plans for two residential properties late last month.
The company purchased a development site at 501 and 489 Ninth Avenue from The Pinnacle Group in May for $48 million, with the sale including four adjacent lots and about 12,500 square feet of air rights, according to the property. the record shows.
“It’s a bit of an anomaly because there are basically two development lots on either end of the block, and an air lot in the middle,” said Frank Chaney, zoning and land use attorney at Rosenberg & Estis. increase.
ZD Jasper will construct a 63-unit 12-story building to the north of the block and a 59-unit 11-story building to the south, allowing for extra space to move vertically.
Generally, a project site can acquire air rights over another building only if the two properties are adjacent. Exceptions exist, such as the Theater District, where rights can be transferred across the district, and landmark buildings, where owners can acquire rights from across the street.
Some developers, in order to expand their projects, play a long game of buying building after building on a block until they tie the plots they want to develop with air rights.
This route, apparently taken by ZD Jasper on 9th Avenue, is famously favored by developers like Gary Barnett. Extell’s chief developer spent years acquiring parcels and he has enough rights to build the project he wants.
Coincidentally, ZD Jasper’s other acquisition this year is the product of Barnett’s strategy.
March, ZD Jasper paid $52 million Head to Extell for three adjacent lots (430 and 434 West 37th Streets, and 429 West 36th Streets) along sunken Dyer Avenue between West 36th and West 37th Streets.
Burnett finished scooping It acquired the site for $44 million in 2011 and reached an agreement in 2014. get $30 million It’s part of an air right that spans Dyer Avenue owned by the Port Authority, a space he appears to be using to service housing projects.
It is unclear whether Extell acquired these rights. According to a Port Authority press release, the deal will: City Planning Department Approval.
A spokeswoman for Extell did not respond to a request for comment.
However, no record of zoning lot amalgamation is shown in the parcel property records. According to Cheney, this is how rights transfer ownership “9 times out of 10.”
When 2018 rendering It was never released for a Burnett-backed on-site project (a 32-story, 420-unit building).
ZD Jasper submitted plans for the demolition of buildings on the site in early September, but the company has yet to submit plans for the new building.
Still, some back-of-the-envelope math shows that it’s a less ambitious project than Burnett had planned.
The site consists of two sections on the west side and two buildings on the east side. A building of three to about four stories would consume 28,592 square feet of building area. PincascoIn total, the lot has an additional 90,302 square feet of air rights.
Demolishing the existing building will free up approximately 119,000 square feet of buildable space. Dividing that by the area of all three lots (19,750) gives the space of a six-story building.
Or, if ZD Jasper is built on only half of the site and part of it is reserved for parking, say 12 stories.
It’s also the third project high to hit the Far West pipeline of developers.
In December, the company acquired an industrial building at 439 West 36th Street for $15 million, real estate records show. The company submitted plans for 501 Ninth Avenue on Sept. 30, the same day it applied for a permit for a 12-story, 52-unit residential building at the same address.
ZD Jasper filed new building documents for both projects months after their 421a expired, so neither is likely to be a rental. don’t take out the pencil without tax cuts.
Instead, it looks like new condos are being built all over the Far West Side.