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 a $66.1M construction loan for a 14‑story, 175‑unit Woodside tower
First Citizens Bank has funded a $66.1 million construction financing package to a New York developer to build a 14‑story multifamily building at 64‑11 Queens Boulevard in Woodside, Queens. The project will deliver 175 residential units and ground‑floor retail, and the loan comes with an acquisition completed by the borrower at roughly $18.6 million.
Key project facts up front
The planned building will rise 14 stories and include between 11,000 and 11,318 square feet of ground‑floor retail according to differing reports. The development also features below‑grade parking, reported as 29 tenant spaces, and a mix of resident amenities that include a fitness center, a pickleball court and a golf simulator. The project is expected to reach completion within 30 months from financing.
Financing, acquisition and transaction team
The borrower is ZD Jasper Realty. The financing was arranged by a capital markets team at the arranging brokerage and credited team members include three capital markets professionals. Site sale and transfer were facilitated by two brokers working on behalf of seller family‑office interests; the site was sold by a joint venture between two family offices. The lender described the loan as relationship financing to support an existing customer advancing a multifamily project in the New York market.
Market context and why lenders supported the deal
Brokers and deal participants described the site as highly attractive because it sits steps from the local commuter rail hub and a major subway line, improving resident access to mass transit. Lenders were said to favor the project because of its location along Queens Boulevard and the relatively limited pipeline of new multifamily supply in the outer boroughs. Observers cited rising rents in the neighborhood and very low vacancy as factors underpinning lender interest.
Affordability, tax status and development economics
Part of the project’s economics reflects a tax abatement carried over under the former affordable‑housing incentive program, since a portion of units were designated as affordable under that framework. Market participants noted that the current replacement program for tax incentives creates new constraints, making it more challenging for many outer‑borough multifamily projects to meet underwriting thresholds without some form of subsidy or abatement.
Site, transit and parking details
The property sits within walking distance of the neighborhood’s rapid transit stop on a major subway line and the local commuter rail station, offering direct regional access. Parking will be limited and mostly below grade, with the reported 29 spaces expected to serve a small share of tenants rather than provide full parking ratios typical of suburban projects.
Amenities and community appeal
Planned resident amenities are oriented to active and social use, with a fitness center, a pickleball court and an indoor golf simulator listed among the offerings. The combination of transit access, retail on the ground floor and these on‑site amenities is expected to position new units to compete in a neighborhood where rents have recently risen and vacancy is tight.
Borrower’s recent financing activity
The borrower has been actively securing construction capital across multiple New York projects in the same reporting window, including mid‑town and Long Island City developments financed with separate construction loans. The activity reflects a broader strategy of advancing several residential developments in different Manhattan and outer‑borough neighborhoods.
Next steps
With construction financing in place and site acquisition completed, the project is positioned to move into construction. The timetable published with the financing anticipates a roughly 30‑month build period, subject to usual permitting, construction scheduling and market conditions.
Communications
Developer representatives did not immediately provide comment on the transaction. The financing arranger and lender were recorded as the primary deal contacts within the transaction documentation.
Frequently Asked Questions
What is the loan amount and who provided it?
The construction loan totals $66.1 million and was provided by First Citizens Bank.
Who is developing the building?
The borrower and developer is ZD Jasper Realty.
Where is the project located and what will it include?
The project is at 64‑11 Queens Boulevard in Woodside, Queens. It will be a 14‑story multifamily building with 175 units, ground‑floor retail and below‑grade parking.
How much retail space will there be?
Reports list the ground‑floor retail at approximately 11,000 square feet, with another source specifying 11,318 square feet.
When will the project be finished?
The project is slated for completion within roughly 30 months from the financing closing.
Is there affordable housing or a tax abatement?
A portion of the units was designated as affordable under the former incentive program, which allowed the project to carry a tax abatement; current incentive rules have since changed and affect how new projects are structured.
How much parking will the building have?
The building will include below‑grade parking with approximately 29 tenant spaces, serving a small percentage of residents.
Project at a glance — key features
| Feature | Detail |
|---|---|
| lender | First Citizens Bank |
| Borrower / Developer | ZD Jasper Realty |
| Address | 64‑11 Queens Boulevard, Woodside, Queens, NY |
| Building | 14 stories, multifamily |
| Units | 175 residential units |
| Ground‑floor retail | Approximately 11,000–11,318 sq ft |
| Parking | Below grade; ~29 tenant spaces |
| Amenities | Fitness center, pickleball court, golf simulator |
| Acquisition price | About $18.6 million |
| Financing arranged by | Deal arranged by a capital markets team and brokers who facilitated the sale |
| Completion timeline | Estimated 30 months |
| Transit | Steps from a major subway line and local commuter rail station |
| Tax abatement | Includes abatement tied to a portion of units designated affordable under the former program |
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
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