Architectural rendering: planned six-story mixed-use building at 37-20 Crescent St, Dutch Kills, Long Island City.
Dutch Kills, Long Island City, Queens, September 4, 2025
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Planned on-site amenities include a rooftop gym and lounge, a package room, bicycle storage and private storage for residents.
The development team anticipates opening the building within 24 months of the financing announcement, subject to permitting, construction scheduling and market conditions.
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.
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.
| 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 |
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