Dutch Kills, Long Island City, Queens, September 4, 2025
News Summary
A $23.15 million first mortgage construction loan from Bridge City Funding has been secured to finance a new six-story mixed-use building at 37-20 Crescent St. in Dutch Kills, Long Island City. RIPCO Real Estate’s capital advisory team arranged the financing for developers ZD Jasper Realty and Winspire Development. The project, named CRESYN in filings, will deliver 39 condominium units above roughly 11,400 square feet of ground-floor retail, with rooftop gym and lounge, package room, bicycle and private storage. Construction is expected to begin with an anticipated opening within 24 months as permitting and tenant plans progress.
Construction loan of $23.15M secured to build mixed-use project at 37-20 Crescent St., Long Island City
A first mortgage construction loan of $23.15 million has been arranged to fund a new six-story mixed-use building at 37-20 Crescent St. in the Dutch Kills section of Long Island City, Queens. The loan comes from Bridge City Funding and was arranged by the capital advisory team at RIPCO Real Estate.
What the financing will back
The loan will fund construction of a six-floor building that will hold 39 residences and roughly 11,400 square feet of ground-floor retail. The developers plan resident amenities that include a rooftop gym and rooftop lounge, a package room, bicycle storage and private storage for units. The building is expected to open within 24 months of the financing announcement.
Who is building it
The project will be developed by ZD Jasper Realty in partnership with Winspire Development. The site was purchased earlier this year by the development partners from RIPCO’s Preuss Team. RIPCO’s capital advisory team that arranged the loan was led by Adam Hakim and included James Murad and Michael Winter. Executives from the developer teams, including ZD Jasper vice president Jasper Wu and Winspire’s Michael Wang, were involved in securing the financing.
Location and transit
The property sits in the Dutch Kills neighborhood of Long Island City and is close to the 21st Street and Queensboro Plaza subway stations, which carry the N, W and 7 trains. The site’s location is part of a broader wave of new residential and mixed-use work in Long Island City.
Project size, cost and name
Project filings describe a six-story building standing about 63 feet tall and totaling roughly 50,000 square feet. The development team has used the working name CRESYN for the building. Reported figures put the site purchase at about $8.5 million, with the project’s total cost expected to be roughly $31 million.
Why this matters locally
The new loan and fast-track construction plan signal continued interest in Long Island City as a place for mixed-use housing and retail. The financing was presented as meeting current demand for new residences and neighborhood amenities, and it clears a major step for breaking ground and starting construction work within the stated timeline.
Context: other nearby large projects
The Crescent Street loan comes amid several other large development moves in Long Island City, including a separate, much bigger construction package for a long-planned tower in a nearby Court Square area. Those projects together illustrate site assembly and large financing packages that are reshaping the area’s skyline and housing supply.
Who handled the transaction
RIPCO Real Estate announced the financing and said its capital advisory team led the arrangement. The team included senior advisors and managing directors who coordinated with the lender and the developers to close the construction loan. The deal will serve as the construction capital for the building at 37-20 Crescent St.
Next steps and timeline
With construction financing in place, the developers will use the loan to begin on-site work. The stated goal is to complete the building and open it to residents and retail tenants within two years. The development team still plans to finalize commercial tenant deals and condo pricing as the build progresses.
FAQ
Q: How much is the construction loan?
A: The construction loan is $23.15 million, provided as a first mortgage construction loan by Bridge City Funding.
Q: What will be built at 37-20 Crescent St?
A: A six-story mixed-use building with 39 residential units and about 11,400 square feet of ground-floor retail. Amenities will include a rooftop gym and lounge, a package room, bicycle storage and private storage.
Q: Who are the developers?
A: The project is a joint development by ZD Jasper Realty and Winspire Development.
Q: When will the building be finished?
A: The developers expect to complete and open the building within 24 months of the financing announcement.
Q: Where is the building and what transit is nearby?
A: The site is in the Dutch Kills section of Long Island City, Queens, near the 21st Street and Queensboro Plaza subway stations, served by the N, W and 7 trains.
Q: How much did the site cost and what is the estimated project cost?
A: The site was purchased for about $8.5 million. The full project cost is estimated at roughly $31 million.
Key project features
| Feature | Detail |
|---|---|
| Address | 37-20 Crescent St., Dutch Kills, Long Island City, Queens |
| Loan amount | $23.15 million (first mortgage construction loan) |
| Lender | Bridge City Funding |
| Developers | ZD Jasper Realty and Winspire Development |
| Floors | Six |
| Units | 39 residences (studios to two-bedrooms reported) |
| Retail space | Approximately 11,400 sq ft ground-floor retail |
| Amenities | Rooftop gym, rooftop lounge, package room, bicycle storage, private storage |
| Site purchase price | About $8.5 million |
| Estimated total cost | Roughly $31 million |
| Timeline | Expected completion and opening within 24 months |
| Nearby transit | 21st Street and Queensboro Plaza stations — N, W and 7 trains |
Deeper Dive: News & Info About This Topic
Additional Resources
- ConnectCRE: RIPCO Arranges $23.15M Construction Loan on LIC Residential
- Wikipedia: Long Island City
- QNS: $23.15M Financing for LIC Construction at 37-20 Crescent St.
- Google Search: 37-20 Crescent St Long Island City
- The Real Deal: ZD Jasper Scores $125M Construction Loan in LIC
- Encyclopedia Britannica: Long Island City
- New York YIMBY: $525M Loan for 24-19 Jackson Avenue in LIC
- Google News: 24-19 Jackson Avenue Long Island City
- GlobeSt: Baron & Largavista Score $389M Loan from Blackstone Lender Group for LIC Project
- Google Scholar: Long Island City construction financing
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