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 New Long Island City Mixed‑Use Project
A $23.15 million first mortgage construction loan has been secured to finance a new mixed‑use building at 37-20 Crescent St. in the Dutch Kills section of Long Island City, Queens. The debt was provided by Bridge City Funding and the capital was arranged by RIPCO Real Estate’s capital advisory team to support construction by development partners ZD Jasper Realty and Flushing‑based Winspire Development.
Project at a glance
The planned building will rise six stories and contain 39 residences alongside about 11,400 square feet of ground-floor retail. Resident amenities include a rooftop gym and rooftop lounge, plus practical features such as a package room, bicycle storage and private storage. The development is expected to open within the next 24 months from the announcement date.
Location and transit
The site sits in Dutch Kills, close to the 21st Street and Queensboro Plaza subway stations, which provide service on the N, W and 7 train lines. The proximity to multiple subway routes is expected to help market the building to commuters and long‑term residents.
Financing and advisory team
RIPCO’s capital advisory group led the financing effort. The team was led by an executive managing director and included two managing directors who guided the loan process. Representatives from the developers — ZD Jasper’s vice president and Winspire’s principal — also played active roles in securing the loan. RIPCO’s Preuss Team had previously sold the site to the development partners.
Design, size and timeline details
Industry filings and company documents describe the program as a roughly 50,000-square-foot condo development with a building height of about 63 feet. The project name indicated in filings is CRESYN. Units are expected to range from studios to two‑bedrooms; the developer has not finalized condo pricing or commercial tenant leases at this time. A prior site purchase for roughly $8.5 million was recorded earlier in the year, and total project cost is estimated to be about $31 million.
Context in Long Island City
The Crescent Street deal follows a string of large financing milestones in Long Island City. Separately, a much larger construction financing package was recently put in place for a 55‑story residential tower in the Court Square area, and other multi‑stage projects in the neighborhood have advanced through site assembly and lender commitments. Those transactions underscore ongoing investor interest in Queens and the continued shift toward dense, mixed‑use development across the corridor.
Developer activity and pipeline
ZD Jasper Realty has multiple projects in its urban pipeline, including other mixed‑use developments both in Long Island City and Manhattan. The developer has previously closed construction financing on separate condo projects and continues to pursue waterfront and midtown sites. Winspire Development is partnering on this Crescent Street project and brings local experience from the Flushing market.
What the financing enables
The first mortgage construction loan will fund ground-up construction, enabling the team to begin site work and move the project from permitting and design into vertical construction. The lenders and arrangers structured the financing as construction debt, with completion targeted within the two‑year construction window stated by the development team.
What comes next
With construction financing in place, the development team will finalize contractor selection, confirm commercial leasing plans, set condo pricing, and coordinate finishing work for the residential units and shared amenities. Progress milestones to watch include foundation completion, topping out, and certificate of occupancy filings as the project advances toward expected opening.
Why it matters
This loan is another example of capital flowing into transit‑served neighborhoods that are adding mixed‑use inventory. The project’s combination of residency and street‑level retail aligns with citywide trends favoring walkable, amenity‑rich buildings near subway access.
FAQ
What is the size and scope of the Crescent Street project?
The development is planned as a six‑story building with 39 residential units and approximately 11,400 square feet of ground-floor retail, spanning roughly 50,000 square feet and standing about 63 feet tall.
Who provided the construction loan?
Bridge City Funding provided a first mortgage construction loan of $23.15 million, arranged by the capital advisory group at RIPCO Real Estate.
Who are the developers?
The project is being developed by ZD Jasper Realty in partnership with Winspire Development.
What amenities are included?
Planned amenities include a rooftop gym and rooftop lounge, a package room, bicycle storage and private storage for residents.
When will construction be completed?
Developers expect to complete and open the building within 24 months of the financing announcement.
How close is the project to transit?
The site is near the 21st Street and Queensboro Plaza stations, which are served by the N, W and 7 train lines.
Key project features
| Feature | Detail |
|---|---|
| Loan amount | $23.15 million (first mortgage construction loan) |
| Lender | Bridge City Funding |
| Arranger | RIPCO Real Estate capital advisory team |
| Developers | ZD Jasper Realty and Winspire Development |
| Address | 37-20 Crescent St., Dutch Kills, Long Island City, Queens |
| Building size | 6 stories, ~50,000 sq ft, ~63 ft tall |
| Residential units | 39 units (studios to two-bedrooms) |
| Retail | About 11,400 sq ft of ground-floor retail |
| Amenities | Rooftop gym, rooftop lounge, package room, bicycle storage, private storage |
| Estimated total cost | Approximately $31 million |
| Expected opening | Within 24 months of financing announcement |
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
