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 Provides $66.1M Construction Loan for 14‑Story, 175‑Unit Woodside Tower
A $66.1 million construction financing package has been provided for a planned 14‑story multifamily building at 64‑11 Queens Boulevard in Woodside, Queens. The borrower is ZD Jasper Realty, which acquired the site at the time the loan closed. The acquisition price was reported near $18.6 million.
Project and financing at a glance
The development is planned as a 14‑story residential tower with 175 units and ground‑floor retail. Retail space has been reported at both about 11,000 square feet and 11,318 square feet in separate accounts. Construction is expected to reach completion within 30 months from the start of work.
Loan, lender and arrangers
First Citizens Bank is providing the construction loan. Financing was arranged by a capital markets team at Ripco Real Estate. Team members involved in arranging the package were identified as part of the brokerage team, and two Ripco brokers facilitated the site sale from a joint venture of family offices.
Site, acquisition and sellers
ZD Jasper acquired the site concurrently with securing construction financing. The seller was a joint venture between two family offices; brokers handled the sale process. Acquisition costs were reported at approximately $18.6 million (one report noted $18.62 million).
Design, parking and transit
The tower will include below‑grade parking, with one report specifying 29 tenant parking spaces, representing a small portion of overall unit count. The site sits steps from mass transit, including the 7 subway line and the Woodside Long Island Rail Road (LIRR) station, positioning the property for strong commuter access.
Amenities and affordability
Planned resident amenities include a fitness center, a pickleball court and a golf simulator. Part of the building’s unit mix was designated as affordable, which enabled a tax abatement under the former 421a program (now replaced by the 485x framework).
Market context and lender rationale
Brokers working the deal cited the project’s Queens Boulevard location and the limited new multifamily supply in the city’s outer boroughs as key attractions for lenders. Those brokers noted that demand for multifamily units in outer borough neighborhoods is stronger than the current pipeline of new units, and that many developers now must build under the newer 485x program, which can make project economics tighter.
Local rent trends were cited as part of the underwriting context: average rents in the neighborhood have grown by more than 20 percent over the past three years, while vacancy rates were reported at under 3 percent, attributed largely to a constrained development pipeline.
Other recent financing tied to the same developer
The construction loan follows several other recent financings for the same developer. Earlier in the reporting period, the developer secured a $73 million construction loan for a luxury project on the Upper East Side, plus a separate $125 million financing for a 23‑story, 190‑unit project in Long Island City. Prior to those, the developer also obtained a $117.5 million construction loan for a midtown mixed‑use project.
Local development notes
Other projects are also moving in the broader Woodside area, including an application for a 253‑unit project on Queens Boulevard filed by another developer. The broader neighborhood pipeline appears limited relative to current rental demand, a factor that influenced lender interest in this financing.
Comments and next steps
The lender was described as a relationship lender supporting an existing customer and positioned the loan within a broader view that demand for quality multifamily housing remains strong in the region. Representatives of the developer did not immediately provide comment. Construction timing is aimed at delivering the building within approximately 30 months, and site work is expected to proceed following closing.
Frequently Asked Questions
What are the basics of the Woodside project?
The project is a planned 14‑story, 175‑unit multifamily building at 64‑11 Queens Boulevard with ground‑floor retail and below‑grade parking. Construction financing of $66.1 million was provided to the developer who acquired the site.
Who is providing the construction loan?
First Citizens Bank is the lender on the construction financing package.
How large is the retail space?
Retail space has been reported at roughly 11,000 square feet in one account and 11,318 square feet in another.
When is the project expected to be completed?
The project is slated for completion within about 30 months from the start of work.
Will the building include parking?
Yes. Reports indicate below‑grade tenant parking with roughly 29 spaces, representing parking for a small share of residents.
Key Project Features
| Feature | Details |
|---|---|
| Location | 64‑11 Queens Boulevard, Woodside, Queens |
| Developer | ZD Jasper Realty |
| Lender | First Citizens Bank |
| Loan Amount | $66.1 million |
| Building Size | 14 stories, 175 residential units |
| Retail | ~11,000 to 11,318 sq ft |
| Parking | Below‑grade; reported 29 tenant spaces |
| Amenities | Fitness center, pickleball court, golf simulator |
| Completion Timeline | About 30 months |
| Site Acquisition Price | Approximately $18.6 million |
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
