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Jasper Wu Of ZD Jasper Purchases Development Site In Long Island City For $24.1M

Property Image
SOLD
$24,100,000

New York

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Development Site
Sold 12/09/2025
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Property Image
SOLD

Jasper Wu Of ZD Jasper Purchases Development Site In Long Island City For $24.1M

45 40 Pearson Street, 45 33 Davis Street, 45 39 Davis Street & 45 40 Davis Street

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Development Site
Sold 12/09/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

A development site located at 45-40 Pearson Street, 45-33 Davis Street, 45-39 Davis Street & 45-40 Davis Street in Long Island City was sold for $24,100,000. The asset comprises four parcels, and the buyer plans to develop a 105-unit condominium complete with retail space and amenities. The construction is anticipated to begin in summer 2026 and be completed by 2028.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $24,100,000
  • Buyer: Jasper Wu - ZD Jasper
  • Seller: Henick-Lane
  • Market: Long Island City

The transaction involved Jasper Wu representing ZD Jasper as the buyer and Henick-Lane as the seller. The deal reflects a significant investment in the Long Island City area, indicating plans for considerable development in the local real estate market.

Players

JW
ZD Jasper
Jasper Wu
21 deals$666M volume
BUYER
ZD Jasper
ZD Jasper
BUYER

Details

SOLD
IMAGE: Jasper Wu DATE: 12/09/2025 ADDRESS: 45-40 Pearson Street, 45-33 Davis Street, 45-39 Davis Street & 45-40 Davis Street MARKET: Long Island City ASSET TYPE: Development Site BUYER: Jasper Wu - ZD Jasper SELLER: Henick-Lane SALE PRICE: $24,100,000 NOTE: ZD Jasper bought four parcels in Long Island City from Henick-Lane for $24.1M, planning a 105-unit condo with retail and amenities, aiming to break ground in summer 2026 and finish by 2028.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,285,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$85,622.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$114,246.30
Annual Debt Service$1,370,955.54