Woodside, Queens, New York, August 30, 2025
News Summary
First Citizens Bank funded a $66.1 million construction loan to ZD Jasper Realty to build a 14‑story, 175‑unit multifamily building at 64‑11 Queens Boulevard in Woodside, Queens. The project includes roughly 11,000–11,318 sq ft of ground‑floor retail, below‑grade parking with about 29 tenant spaces, and resident amenities such as a fitness center, pickleball court and golf simulator. The borrower completed site acquisition at about $18.6 million. The loan leverages a carried tax abatement for some affordable units and supports a projected 30‑month construction timeline, subject to permits and market conditions.
First Citizens backs ZD Jasper with $66.1M for 14‑story, 175‑unit Woodside tower
First Citizens Bank has provided a $66.1 million construction financing package to ZD Jasper Realty for a planned 14‑story, 175‑unit multifamily building at 64‑11 Queens Boulevard in Woodside, Queens. The financing closed concurrently with the developer’s acquisition of the site, purchased for roughly $18.6 million.
What the financing covers and timeline
The loan will fund construction of a mixed‑use tower featuring residential units across 14 floors and ground‑floor retail space estimated between 11,000 and 11,318 square feet. The project also includes below‑grade parking, reported as 29 tenant spaces intended for a small share of residents. The development is scheduled for completion within 30 months from the start of construction.
Location and access
The site sits steps from major transit, with immediate access to the 7 subway line and the Woodside Long Island Rail Road station. That location was cited as a primary draw for lenders evaluating the deal, supported by limited new multifamily supply coming online in the outer boroughs.
Amenities, affordability and approvals
Planned resident amenities include a fitness center, a pickleball court and a golf simulator. The project includes a tax abatement tied to earlier affordable‑housing rules under the former program that has since been replaced, with a portion of units designated as affordable to qualify for that abatement.
Why lenders supported the deal
Financing arrangers noted that strong local demand and constrained multifamily supply in outer borough neighborhoods made the project attractive to lenders. Market participants also pointed to increased development costs and changes to affordable‑housing incentive programs that have made many new multifamily projects harder to underwrite without favorable locations and preexisting credits.
Deal team and brokerage activity
The construction loan was arranged by a capital markets team at the brokerage that facilitated the financing. Team members credited on the transaction include three capital markets professionals, and two brokers from the same firm facilitated the site sale from a joint venture between two family offices. Developer officials did not immediately provide comment on the transaction.
Related projects and financing by the same developer
In the same reporting period, the developer secured additional construction financing for several other New York projects, including a mid‑rise Upper East Side site and another large development in Long Island City. Previous construction loans for other projects by the developer were also noted in recent months, illustrating a pipeline of activity across Manhattan and the boroughs.
Context for Woodside
Local market data cited alongside the deal point to rising rents and very low vacancy in Woodside, with average rents reported to have risen more than 20 percent over three years and vacancy below 3 percent. Observers attribute tight vacancy to a constrained development pipeline in the area. Separately, other developers have filed plans for additional multifamily projects nearby, signaling continued interest in the neighborhood.
Next steps
With financing and site acquisition in place, the project is expected to move into construction in the near term and aims to reach completion in about 30 months. The loan structure and development timeline will be subject to standard construction milestones, permitting and market conditions throughout the buildout.
FAQ
What is the size and scope of the project?
The development is a planned 14‑story multifamily tower with 175 residential units and roughly 11,000–11,318 square feet of ground‑floor retail.
Who is lending and who is developing?
A major regional bank provided a $66.1 million construction loan to the developer ZD Jasper Realty.
Where is the site located?
The project sits at 64‑11 Queens Boulevard in Woodside, Queens, within walking distance of the 7 subway line and the Woodside LIRR station.
When will the project be finished?
The project is slated for completion within approximately 30 months from the start of construction.
Are there affordable units or tax incentives?
Part of the unit mix was designated as affordable under a prior incentive program, allowing the development to qualify for a tax abatement under that program’s rules.
Who arranged the financing and the site sale?
A capital markets team at the arranging brokerage handled the construction financing, while two brokers from the same firm facilitated the site sale from a joint venture of family offices.
Key project features
| Feature | Details |
|---|---|
| Address | 64‑11 Queens Boulevard, Woodside, Queens |
| Developer | ZD Jasper Realty |
| Lender | First Citizens Bank (construction financing) |
| Loan amount | $66.1 million |
| Building size | 14 stories, 175 units |
| Retail | ~11,000–11,318 sq ft ground‑floor retail |
| Parking | 29 below‑grade tenant parking spaces (reported) |
| Amenities | Fitness center, pickleball court, golf simulator |
| Transit | Steps to 7 subway line and Woodside LIRR |
| Site acquisition price | Approximately $18.6 million |
| Completion target | About 30 months |
| Financing arranger | Ripco Real Estate capital markets team (arranged the loan) |
Deeper Dive: News & Info About This Topic
Additional Resources
- Commercial Observer: First Citizens $66.1M construction loan for Woodside tower
- Wikipedia: Woodside, Queens
- Almanac News: Community briefs — Woodside Town Center committee
- Google Search: Woodside Town Center committee
- San Mateo Daily Journal: Woodside wins first CCS softball title
- Google Scholar: Woodside softball CCS
- Almanac News: Town Center area plan — citizen advisory committee
- Encyclopedia Britannica: Woodside California town center plan
- Condé Nast Traveler: Canyon Ranch Woodside
- Google News: Canyon Ranch Woodside
