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 major construction financing package has been secured for a new multifamily project at 64-11 Queens Boulevard in Woodside, Queens. First Citizens Bank provided a $66.1 million construction loan to developer ZD Jasper Realty for a planned 14‑story apartment building with 175 residential units. The loan closed concurrently with the developer’s purchase of the site for about $18.6 million.
Project basics and timeline
The tower will rise 14 stories and include ground-floor retail space reported at roughly 11,000 to 11,318 square feet. A below-grade parking level is planned, with one report specifying 29 tenant parking spaces, intended for a small percentage of residents. The development includes shared and recreational amenities such as a fitness center, a pickleball court and a golf simulator. The project is expected to reach completion within 30 months from the start of construction.
Location and market context
The site is located steps from the 7 subway line and the Woodside Long Island Rail Road station, offering strong transit access to Manhattan and other boroughs. Market conditions in Woodside have shown tightening fundamentals: average rents in the neighborhood rose more than 20 percent over the past three years and vacancy rates are under 3 percent, trends attributed to a constrained pipeline of new multifamily development.
Financing, brokerage and tax details
The financing was arranged by Ripco Real Estate, with its capital markets team handling the package. Team members credited on the transaction include representatives from Ripco’s capital markets group, and the site sale was facilitated by Ripco brokers who worked with a seller joint venture made up of two family offices. The buyer closed the site acquisition concurrently with the financing.
The development includes a tax abatement under the former 421a program, reflecting that a portion of the units were designated as affordable housing. Recent changes to local incentive programs mean many new multifamily projects must now qualify under the replacement program known as 485x, a factor that has tightened viable development opportunities in the city’s outer boroughs.
Lender and developer context
First Citizens provided the loan as a relationship lender supporting an existing customer. Lenders were reported to have been attracted by the site’s Queens Boulevard location and the relative scarcity of new multifamily supply in the outer boroughs. Developers have faced more challenging underwriting conditions under the new incentive regime, making projects that include affordability components and strong transit access more appealing to banks.
Representatives for the developer did not immediately respond to requests for comment. This financing is one of several recent capital moves by the same developer; earlier financing activity in the same period included construction loans and commitments for projects on Manhattan’s Upper East Side and in Long Island City, highlighting an active development pipeline for the firm across multiple New York neighborhoods.
Local development landscape
The Woodside site sale came from a joint venture between two family offices. Elsewhere in Woodside, other sizable projects are moving through planning and filing stages, including a separate proposed 253‑unit property on Queens Boulevard. Those projects reinforce the broader development momentum in the corridor even as available multifamily product remains limited.
What this means for the neighborhood
The new tower is likely to add a meaningful number of rental units to the local market while contributing ground-level retail and lifestyle amenities to the corridor. Given current low vacancy and rising rents in the area, the project could help absorb pent-up demand for transit-oriented housing, though it will represent just a part of what the market needs to meet long-term demand.
Transaction and team summary
- Lender: First Citizens Bank
- Borrower / Developer: ZD Jasper Realty
- Loan amount: $66.1 million
- Address: 64-11 Queens Boulevard, Woodside, Queens
- Building: 14 stories, 175 units
- Ground-floor retail: ~11,000–11,318 sq ft
- Below-grade parking: ~29 spaces (limited tenant parking)
- Estimated completion: 30 months
- Site purchase price: ~ $18.6 million
- Broker/arranger: Ripco Real Estate capital markets team
- Policy/tax status: Tax abatement tied to former 421a rules due to an affordable unit set-aside
FAQ
What is being built at 64-11 Queens Boulevard?
A 14‑story multifamily building with 175 residential units and ground-floor retail space is planned at the address.
Who is financing the project?
A construction loan of $66.1 million was provided by a commercial bank as construction financing for the project.
Who is the developer?
The project is being developed by a New York developer active on multiple recent projects across the city.
When will the building be completed?
The project is scheduled for completion within about 30 months from the start of construction.
How much retail and parking will there be?
Ground-floor retail is reported at roughly 11,000 to 11,318 square feet. Below-grade parking includes about 29 tenant spaces, covering a small portion of households.
Does the project include affordable units?
A portion of the project was designated as affordable which allowed the development to benefit from a tax abatement tied to earlier incentive rules.
Why did lenders support the deal?
Lenders were drawn to the location on Queens Boulevard, strong transit access, and constrained multifamily supply in the outer boroughs, which supports demand for new units.
How does this project fit into broader activity by the developer?
The developer has closed multiple recent construction financings for projects in Manhattan and Long Island City, indicating an active development pipeline.
Key Project Features
| Feature | Detail |
|---|---|
| Lender | First Citizens Bank |
| Borrower / Developer | ZD Jasper Realty |
| Loan amount | $66.1 million |
| Address | 64-11 Queens Boulevard, Woodside, Queens |
| Height | 14 stories |
| Units | 175 residential units |
| Retail | Approx. 11,000–11,318 sq ft ground-floor retail |
| Parking | Below-grade, ~29 tenant spaces |
| Amenities | Fitness center, pickleball court, golf simulator |
| Completion timeline | Approx. 30 months |
| Site acquisition price | About $18.6 million |
| Arranger / Broker | Ripco Real Estate capital markets team |
| Tax abatement | Included under former 421a rules due to affordable unit set-aside |
| Transit | Steps from 7 subway line and Woodside LIRR station |
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
Author: Construction NY News
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