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 at 37-20 Crescent St.
What happened: A $23.15 million first mortgage construction loan has been secured to fund a new 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 a capital advisory team at RIPCO Real Estate.
Key project facts
The planned development will rise six stories and deliver 39 residences above a ground floor retail component totaling roughly 11,400 square feet. Developers ZD Jasper Realty and Winspire Development are leading the build, and the property is expected to open within 24 months of the financing announcement.
Amenities and unit mix
The building program calls for resident amenities including a rooftop gym and rooftop lounge, as well as logistical conveniences such as a package room, bicycle storage and private storage for occupants. Public filings and project summaries indicate the condos will span studio through two‑bedroom layouts.
Who arranged the deal
The financing was arranged by RIPCO’s capital advisory team, led by Executive Managing Director Adam Hakim. The advisory team included Managing Directors James Murad and Michael Winter. Representatives from the developer side noted involvement by ZD Jasper Vice President Jasper Wu and Winspire’s Michael Wang in securing the loan. RIPCO’s Preuss Team, led by Vice Chairman of Investment Sales Stephen R. Preuss Sr., previously handled marketing and the off‑market sale of the site to the developers.
Site history, size and cost estimates
Developers acquired the site earlier in the year for about $8.5 million. Project filings show a scheme spanning roughly 50,000 square feet, rising to about 63 feet in height, with ground‑floor retail and a total projected development cost in the neighborhood of $31 million. The development name submitted in filings is CRESYN.
Transit and location
The site sits within walking distance of local subway service at 21st Street and Queensboro Plaza stations, which provide connections to the N, W and 7 lines. The neighborhood has seen a steady flow of new development and rising interest from builders targeting mixed‑use housing with retail at street level.
Context within the borough
The Crescent Street loan comes amid a cluster of large residential deals and construction financings in Long Island City. Another major local project has secured more than half a billion dollars of construction financing for a high‑rise tower and is planned to deliver hundreds of condominiums in the coming years. The recent wave of loans underscores continued lender appetite for well‑positioned multifamily and condominium projects in the borough.
Next steps
With funds in place, the developers intend to begin construction activity, moving through permitting and site work with the aim to finish construction within two years. Developers are still evaluating commercial tenant mixes and final condo pricing while proceeding through the construction draw process tied to the mortgage loan.
Why it matters
This financing represents another tranche of capital flowing into Long Island City as the neighborhood continues its conversion toward denser, mixed‑use development. For local residents and businesses, the project will add new housing options, street‑level retail and public-facing amenities. For lenders and developers, it signals an ongoing confidence in transit‑rich Queens neighborhoods.
Frequently Asked Questions
What is the size and scope of the 37-20 Crescent St. project?
The planned building will be six stories tall, include 39 residential units, and offer about 11,400 square feet of ground-floor retail. Public filings show a total project area near 50,000 square feet and a height of approximately 63 feet.
Who is lending and who is developing?
The construction loan is a $23.15 million first mortgage from Bridge City Funding. The development partners are ZD Jasper Realty and Winspire Development, with financing arranged by RIPCO’s capital advisory team.
What amenities will the building include?
Planned on-site amenities include a rooftop gym and lounge, a package room, bicycle storage and private storage for residents.
When will the project be completed?
The development team anticipates opening the building within 24 months of the financing announcement, subject to permitting, construction scheduling and market conditions.
How was the site acquired?
The developers bought the site for roughly $8.5 million earlier in the year; the transaction and subsequent financing enable the project to move from planning into construction.
How does this project fit into wider neighborhood trends?
The project is part of a broader trend of mixed‑use residential development in Long Island City, where several large projects have recently secured substantial construction financing and plan to deliver thousands of new housing units over the coming years.
Project key features at a glance
| 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 |
| Arranger | RIPCO Real Estate capital advisory team |
| Developers | ZD Jasper Realty and Winspire Development |
| Floors | 6 |
| Residential units | 39 units (studios through two‑bedrooms) |
| Retail | ~11,400 sq ft of ground-floor retail |
| Estimated total area | Approximately 50,000 sq ft |
| Estimated project cost | Roughly $31 million |
| Amenities | Rooftop gym, rooftop lounge, package room, bicycle storage, private storage |
| Nearby transit | 21st Street and Queensboro Plaza stations (N, W, 7 lines) |
| Expected completion | 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
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