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.
RIPCO Arranges $23.15M Construction Loan for 37-20 Crescent St. Mixed‑Use Project in Long Island City
RIPCO Real Estate has arranged a $23.15 million first mortgage construction loan from Bridge City Funding to finance a new mixed‑use building at 37-20 Crescent St. in the Dutch Kills section of Long Island City, Queens. The financing will support construction of a six‑floor project that combines residential units with ground‑floor retail and a package of resident amenities.
Project and finance details
The development, led by real estate developers ZD Jasper Realty in partnership with Flushing‑based Winspire Development, will deliver 39 residences and roughly 11,400 square feet of retail space. Building filings and company disclosures indicate a building footprint of approximately 50,000 square feet and a height near 63 feet, with the project expected to be completed and open within the next 24 months from the financing announcement.
The financing was arranged by RIPCO’s capital advisory team, led by Executive Managing Director Adam Hakim, with Managing Directors James Murad and Michael Winter participating in the transaction. Representatives from the development partners, including ZD Jasper Vice President Jasper Wu and Winspire’s Michael Wang, also helped secure the loan. The site was previously sold to the developers by RIPCO’s Preuss Team, which is led by Vice Chairman of Investment Sales Stephen R. Preuss Sr.
Design program and amenities
The planned six‑story building will include a mix of homes that filings describe as condo‑style units ranging from studios to two‑bedrooms. Resident amenities called out in the project program include a rooftop gym, a rooftop lounge, a package room, bicycle storage and private storage. Ground‑floor retail is expected to activate the street and provide services for residents and neighbors.
Location and access
37-20 Crescent St. sits in the Dutch Kills area of Long Island City and is within close walking distance of the 21st Street and Queensboro Plaza subway stations, which provide service on the N, W and 7 train routes. The site’s transit proximity is a central selling point cited by the development team when seeking financing and planning retail uses.
Financial and development context
Company‑filed plans and prior public records indicate the developers purchased the site for about $8.5 million earlier in the year. The total project cost for the development has been estimated at roughly $31 million by project principals. The official project name in filings is expected to be CRESYN, though commercial tenant deals and condo pricing were still being finalized at the time of the financing close.
The loan marks another recent construction financing milestone in Long Island City, following several large packages secured for nearby and larger tower projects in the neighborhood. These broader financing moves reflect continued lender activity for residential and mixed‑use development across multiple sites in the borough.
Timeline and next steps
Developers plan to use the loan to begin or accelerate on‑site construction work, targeting building completion and opening within about two years. Final permits, tenant selection for ground‑floor retail and condo pricing remain forthcoming. The project will proceed under standard construction lending conditions, including draws tied to construction milestones and inspections.
Transaction team
The financing was placed by RIPCO’s capital advisory team led by Adam Hakim, with James Murad and Michael Winter included as senior members of the team. Bridge City Funding is the construction lender providing the first mortgage. ZD Jasper Realty and Winspire Development will serve as the development partners and construction sponsors.
FAQ
What is the loan amount and type?
The project received a $23.15 million first mortgage construction loan from Bridge City Funding.
Who are the developers?
The development is a joint effort between ZD Jasper Realty and Winspire Development.
Where is the site located?
The site is at 37-20 Crescent St. in the Dutch Kills section of Long Island City, Queens, close to the 21st Street and Queensboro Plaza subway stations.
How large is the building and what will it include?
The planned building will be six stories tall, contain 39 residences, about 11,400 square feet of ground‑floor retail and amenities such as a rooftop gym and lounge, package room, bicycle storage and private storage.
When will construction finish?
Developers expect the project to be completed and open within 24 months from the financing announcement, subject to permitting and construction progress.
Who arranged the financing?
RIPCO’s capital advisory team arranged the loan, with leadership from Adam Hakim and participation from James Murad and Michael Winter. Developer representatives Jasper Wu and Michael Wang were also involved.
What is the estimated overall project cost?
The total development cost has been estimated at about $31 million by project principals.
Key project features
| Feature | Detail |
|---|---|
| Loan amount | $23.15 million |
| Lender | Bridge City Funding |
| Loan type | First mortgage construction loan |
| Developers | ZD Jasper Realty and Winspire Development |
| Location | 37-20 Crescent St., Dutch Kills, Long Island City, Queens |
| Floors | 6 |
| Residences | 39 |
| Retail space | Approx. 11,400 sq ft |
| Planned amenities | Rooftop gym, rooftop lounge, package room, bicycle storage, private storage |
| Expected completion | Within 24 months from announcement |
| Estimated project cost | Approx. $31 million |
| Site purchase price | About $8.5 million |
| 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
