Rendering for 501 Ninth Avenue over „The Real Deal“ (LinkedIn, Archimaera Architecture PC)
„ On a large, horseshoe-shaped assemblage in Hudson Yards, developer ZD Jasper has secured $103 million to build a 158-unit condominium.
Construction lending was led by Los Angeles-based Preferred Bank, records show. The project includes three 12-story buildings expected to total 220,000 square feet at 501 Ninth Avenue, between West 37th and West 38th streets.
ZD Jasper, founded by Tom Wu, expects the total cost of the development to be about $200 million with a completion date in 2025. The development firm’s vice president, Jasper Wu, wrote on LinkedIn that the project will be a passive house condo, the first of its kind in New York City.
Archimaera Architecture is the architect of record. The project, just west of the Garment District, is ZD’s first ground-up effort outside of Queens.
No condominium offering plan at the project’s address is on file with New York Attorney General’s real estate office, but the expiry of New York’s 421a tax abatement program for new rentals makes it more likely that for the foreseeable future, New York City apartment projects will be for-sale units. Condos and co-ops still have a property tax break program, and it does not require any income-restricted units.„