In a move signaling confidence in the Long Island City market, ZD Jasper Realty has acquired a waterfront development site for $47 million, according to a report by Commercial Observer. The seller is a joint venture consisting of Quadrum Global, Baron Property Group, and Simon Development.
The property, located at 45-40 Vernon Boulevard, has been eyed for development for nearly a decade. Previously, plans called for the demolition of an old factory to make way for new housing. Those plans, however, never came to fruition.
ZD Jasper appears poised to capitalize where others have stalled. Brendan Maddigan, a JLL broker who represented the sellers, enthusiastically described the site: “This is arguably the best development site in all of Long Island City and presents the buyer with a ready-to-develop project with BSA-approved plans on a site positioned to deliver a prominent waterfront product.”
The deal underscores the ongoing allure of Long Island City, a Queens neighborhood that has seen significant residential development in recent years. ZD Jasper has not yet revealed its plans for the site, but the presence of approved building plans suggests construction could begin soon.
While both buyer and seller declined to comment on the deal, the $47 million price tag suggests confidence in the project’s potential. With its waterfront location and approved plans, the development site is likely to yield high-demand housing upon completion.
