Jasper Wu is ready to shoot his shot in Hell’s Kitchen with financing to match his ambitious development.
ZD Jasper Realty scored $117.5 million in construction financing for a project at 430 West 37th Street, the Commercial Observer reported. Maxim Capital Group provided the debt on the mixed-use, condo-forward project, retiring existing debt and funding the completion of construction.
Meridian Capital’s Morris Betesh arranged the financing. ZD Jasper did not comment on the deal and the project’s timeline isn’t clear.
Maxim previously provided the developer with a $46 million condo inventory loan and construction financing at 5 Court Square in Long Island City and $61.5 million in convo inventory and construction financing at 22-43 Jackson Avenue, also in the Queens neighborhood.
ZD Jasper in February 2023 filed plans for an 11-story, 128-unit property on an empty lot in Hell’s Kitchen. The building is expected to span 128,000 square feet, including 10,000 square feet of commercial space.
Wu’s firm purchased the site in 2022 as part of a $52 million package deal with Gary Barnett’s Extell Development, which also traded away 434 West 37th Street and 429 West 36th Street. Extell initially planned to build a 32-story project across the three sites, but the project never materialized.
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Wu joined his father’s Great Neck-based firm in 2019, becoming a jack-of-all-trades as he was certified as a chartered financial analyst, construction superintendent, site safety supervisor and general contractor. He’s leading the firm’s push from Queens to Manhattan, where plans are in place for nearly 400 condo units, while largely staying out of the public eye.
That may become more challenging, as those units could fetch more than $1 billion, based on a $2.7 million median price of new condos in Manhattan during March, according to Marketproof.