News Summary
ZD Jasper has purchased the property at 64-11 Queens Boulevard from the Chetrit Group for approximately $18.6 million. This acquisition, amid legal issues facing Chetrit, will see ZD Jasper develop a 14-story mixed-use property featuring 175 rental units, including 45 designated for affordable housing. The project intends to enhance local housing supply while utilizing the 421-a affordable housing tax break. ZD Jasper continues to expand its portfolio with multiple projects across New York City, indicating a strategic move in the competitive real estate market.
Woodside, NY – ZD Jasper has acquired the property located at 64-11 Queens Boulevard for approximately $18.6 million from the Chetrit Group. This acquisition comes in the midst of ongoing financial troubles and lawsuits faced by the Chetrit Group, which is currently under scrutiny regarding its financial practices.
Following the acquisition, ZD Jasper is set to develop a 14-story mixed-use property on the site. This new development will feature 175 rental units, with 45 units designated as affordable housing. Additionally, the project will include commercial space on the ground floor, contributing to the neighborhood’s economic activity and housing diversity.
The development will utilize the 421-a affordable housing tax break, as the property is grandfathered into the program. This tax incentive is designed to encourage the construction of affordable housing in New York City, making it a crucial component for ZD Jasper’s plans to enhance the local housing market.
The Chetrit Group initially purchased the property for about $13.4 million in 2017. The recent sale is part of a more extensive legal and financial situation for the group, which includes a lawsuit from Maverick Real Estate Partners. This lawsuit alleges that Meyer Chetrit sold the property to avoid paying off approximately $133 million in outstanding judgments.
ZD Jasper maintains that any internal issues faced by the Chetrit Group are entirely separate from their plans for the newly acquired property. This clarity allows them to proceed with their vision for the site without the encumbrance of the previous owners’ dealings.
In addition to this project, ZD Jasper has been actively expanding its portfolio. The firm recently secured $73 million in financing for a luxury condominium project at 171 E. 86th Street on the Upper East Side. They have also obtained approximately $23.1 million for a condominium project at 37-20 Crescent Street in Long Island City. Furthermore, ZD Jasper is involved in a 128-unit multifamily housing project at 430 W. 37th Street in Hudson Yards, and a mixed-use project at 45-40 Vernon Boulevard in Long Island City.
The acquisition and subsequent development plans for 64-11 Queens Boulevard highlight ZD Jasper’s commitment to enhancing the housing landscape in Woodside while utilizing government programs aimed at promoting affordable housing. As New York City continues to face housing challenges, projects like this signal a push towards addressing both the supply of units and the need for affordable options.
Overall, ZD Jasper’s acquisition of the Queens Boulevard property points to a strategic expansion in a competitive real estate market, aiming to deliver both residential and commercial spaces that serve the community’s needs.
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Additional Resources
- Crain’s New York: Chetrit Group Sells Queens Property to ZD Jasper
- Wikipedia: Woodside, Queens
- New York YIMBY: New Residential Projects in Sunnyside and Woodside
- Google Search: Queens Boulevard real estate
- GlobeSt: ZD Jasper Scores $66M for Woodside Mixed-Use Development
- Google Scholar: affordable housing New York City
- QNS: Former Entenmann’s Outlet Building to Face the Wrecking Ball
- Encyclopedia Britannica: real estate in New York City
- Connect CRE: $13M for Motel Development Site in Woodside
- Google News: Queens real estate
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
