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ZD Jasper Buys LIC Waterfront Development Site for $47M
JLL Capital Markets recently completed the $47 million sale of 45-40 Vernon Boulevard, a development site with an approved concept plan at the Anable Basin on the Long Island City waterfront. The site was sold by CSC 4540 Property Co., LLC, a joint venture of Quadrum Global, Baron Property Group, and Simon Development, and purchased by ZD Jasper Realty, a locally based owner, developer, and manager.
The site, formerly the Paragon Paint factory, is approved for approximately 192,000 square feet of development and was previously designed by architect Morris Adjmi for a 21-story, 202-unit property.
The JLL Capital Markets team was led by Brendan Maddigan and Rob Hinckley, and Michael Mazzara, Ethan Stanton, Winfield Clifford and Vickram Jambu. “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,” said Maddigan.
- ◦Sale/Acquisition
- ◦Development
