Won said she has also secured an agreement ensuring that all private developments will be mapped under Mandatory Inclusionary Housing’s Option 1 or 3. Option 1 requires that 25% of a development be available at an average of 60% of the Area Median Income (AMI) with at least 10% of units set aside for households earning 40% AMI, while Option 3 mandates that 20% of a development are affordable targeting an average of 40% AMI.
This is good news
Glad this passed and that work can continue on expanding the park but generally curious if 14k new units is a bit low considering how large a swath of area this is covering.
ZD Jasper buys four additional Long Island City sites | Crain’s New York Business
Prolific developer ZD Jasper is closing out the year with another major purchase in Long Island City.
The Long Island-based real estate firm recently closed on buying a quartet of parcels on Davis and Pearson streets in the trendy Queens neighborhood for $24.1 million, according to sources familiar with the deal. The company intends to build a 105-unit condominium project at the site with 12 parking spots and two retail berths.
ZD Jasper would break ground on the development in the summer of 2026 and plan to finish up work in 2028, according to company Vice President Jasper Wu. The firm does not yet have an estimated cost for the project, which would also feature amenities like a full-sized basketball court, a fitness center and a lounge.
The sites are addressed at 45-40 Pearson St. and 45-33, 45-39 and 45-40 Davis St., located between Jackson and Skillman avenues and close to an elevated stretch of the subway.
