JLL Capital Markets today announced it has 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.
JLL represented both the seller, CSC 4540 Property Co., LLC, a joint venture of global real estate investment firm Quadrum Global, Baron Property Group and Simon Development, and procured the buyer, locally based owner, developer and manager ZD Jasper Realty, who will develop a new mixed-use residential project on the site.
Home of the former Paragon Paint factory on the corner of 46th Avenue and Vernon Boulevard, 45-40 Vernon Boulevard is approved for approximately 192,000 square feet of development. The seller previously retained architect Morris Adjmi to design a 21-story, 202-unit property that was approved by the City’s Board of Standards and Appeals (BSA).
The site offers outstanding transportation access, with the Vernon Boulevard – Jackson Avenue Station and the Court Square – 23rd Street Station both just steps away, and it presents a standout opportunity for waterfront living.
The JLL Capital Markets team was led by Senior Managing Directors Brendan Maddigan and Rob Hinckley, and Managing Directors 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. “45-40 Vernon Boulevard will fill a void in the local market for high-quality homes proximate to mass transit and neighborhood amenities.”
Jared White, Managing Director at Quadrum Global, said “We’ve had this iconic development site for over 10 years. We were fortunate to tap the JLL team led by Brendan Maddigan, who brought in ZD Jasper. ZD Jasper has been a pleasure to work with and we are glad to pass along this wonderful project to them.”
Jasper Wu, Vice President at ZD Jasper, said “We are thrilled to take on this unique project and excited for the opportunity to deliver a milestone building to the area. We look forward to continuing to invest in the growth of Long Island City.”
45-40 Vernon Boulevard is located in the Hunters Point subdistrict of Long Island City. Hunters Point is quickly becoming one of the most popular live-work-play submarkets in New York City. Its transit accessibility, iconic views of Manhattan and housing stock of modern, amenitized buildings are attracting new residents in unprecedented volumes.
Along the East River, Gantry State Park spans 12-acres and its summertime programming of movies, dance performances, and concerts by the Metropolitan Opera are a draw for residents of all ages.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
