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.
Key financing is now in place for a new mixed‑use building in the Dutch Kills section of Long Island City after RIPCO arranged a $23.15 million first‑mortgage construction loan from Bridge City Funding. The loan will provide construction financing for a six‑floor building planned at 37-20 Crescent St.
The project, to be developed by ZD Jasper Realty in partnership with Winspire Development, will include 39 residential units and about 11,400 square feet of ground‑floor retail. The building is planned to rise six stories and include resident amenities such as a rooftop gym and rooftop lounge, a package room, bicycle storage and private storage. Developers and brokers expect construction to begin soon and aim to open the building within the next 24 months.
The financing was arranged by RIPCO’s capital advisory team. The team was led by the firm’s executive managing director and included two managing directors. Representatives from the developer partners also took part in securing the loan, including senior staff from ZD Jasper and Winspire Development.
The developers purchased the Crescent Street site earlier this year from a team within RIPCO. Company‑filed plans describe a project roughly 50,000 square feet in size, rising to about 63 feet with ground‑floor retail. The development has been given a working name by the developer and is planned as a condominium building with units ranging from studios to two‑bedrooms. Reported construction cost estimates put the total project budget in the neighborhood of $31 million, with the new Bridge City loan intended to fund the start of construction.
The site sits within easy walking distance of the 21st Street and Queensboro Plaza subway stations, which bring service from the N, W and 7 trains. That proximity to multiple lines was noted as a selling point for the condos and for street‑level retail tenants.
Long Island City has seen several large financing moves and site assemblies recently, including a much larger construction financing package for a high‑rise residential tower in the Court Square area that will deliver hundreds of condominiums. That larger deal involved multiple lenders and a combination of equity and debt, underscoring continued capital flow into the neighborhood. Separately, the same developer behind the Crescent Street site is reported to have other projects underway across the city, including larger mixed‑use developments on Long Island City waterfront and in Midtown neighborhoods.
The secured construction loan is the step that often lets developers move from planning into visible work on site. With the financing in place, the partners can begin construction work, hire contractors and market the condos and retail spaces. The planned amenities and transit access are likely to be pitched to buyers and tenants as part of the building’s appeal. The transaction also shows lenders continuing to back mid‑rise, mixed‑use condo projects in this part of Queens.
A1: The construction loan totals $23.15 million and was provided by Bridge City Funding.
A2: A six‑story, mixed‑use building with 39 residential units and about 11,400 sq ft of retail. The project includes amenities such as a rooftop gym, rooftop lounge, package room, bicycle storage and private storage.
A3: The project is a partnership between ZD Jasper Realty and Winspire Development. RIPCO’s capital advisory team arranged the financing.
A4: Developers expect the building to be completed and open within 24 months from the financing announcement.
A5: Yes. The site is close to the 21st Street and Queensboro Plaza stations, offering service on the N, W and 7 lines.
A6: The loan is one of several recent construction financings in Long Island City and nearby areas, reflecting continued investment in mid‑rise and high‑rise condo and mixed‑use projects across the neighborhood.
| Feature | Details |
|---|---|
| Address | 37-20 Crescent St., Dutch Kills, Long Island City, Queens |
| Loan amount | $23.15 million |
| Lender | Bridge City Funding |
| Loan type | First mortgage construction loan |
| Developers | ZD Jasper Realty and Winspire Development |
| Floors | 6 stories |
| Residences | 39 units (studios to two-bedrooms) |
| Retail | Approximately 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 |
| Site purchase | Reported purchase price about $8.5 million earlier this year |
| Transit | Near 21st Street and Queensboro Plaza stations (N, W, 7) |
| Expected completion | Within 24 months from the financing announcement |
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