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 $66.1 million construction loan for new 14‑story, 175‑unit Woodside tower
A $66.1 million construction financing package has been provided by a national bank to fund a planned 14‑story, 175‑unit multifamily building at 64‑11 Queens Boulevard in Woodside, Queens. The borrower is a local development firm that acquired the site at the time of the loan for roughly $18.6 million. Construction is expected to take about 30 months.
What the deal finances
The project calls for a 14‑story residential tower with 175 apartments and ground‑floor retail space estimated at about 11,000 to 11,318 square feet. Plans also show below‑grade parking with 29 tenant spaces, intended for a small share of residents rather than full building coverage. The site sits steps from regional transit, including the local subway line and the Long Island Rail Road station, a location that played a key role in financing interest.
Who arranged the loan and how the sale closed
A commercial real estate brokerage and capital markets team arranged the financing. Members of that team were publicly credited for marketing the loan and helping facilitate the site acquisition from a joint venture of two family offices. Two brokerage professionals from the same firm also handled the sale of the site from the family‑office joint venture to the developer.
Project features and amenities
The development program includes a fitness center, a pickleball court and a golf simulator among resident amenities. Ground‑floor retail is part of the plan, and the below‑grade parking will accommodate a limited number of tenants. Transit proximity and neighborhood access are listed as project strengths in financing materials.
Construction timeline and approvals
Construction is slated to be completed within 30 months from the start of work, according to project documents. The site acquisition closed alongside the financing, which enabled the developer to move forward with detailed planning and permitting.
Why lenders supported the project
Lenders were drawn to the project by its location on a major Queens corridor, close transit connections and the relative scarcity of new multifamily supply in New York City’s outer boroughs. Market comments from deal intermediaries noted that demand for outer‑borough rental housing has outpaced the pipeline of new projects, and that recent development programs require different affordability and tax treatments that affect financial feasibility.
Affordability and tax status
Part of the building’s unit mix was designated as affordable under an earlier tax incentive program, allowing the project to benefit from an existing tax abatement carried into the planning process. That treatment predates a newer tax incentive framework that governs most recent outer‑borough multifamily deals.
Local rent and vacancy context
Market information tied to the project notes average rents in the neighborhood have increased substantially—by more than 20 percent over the past three years—while vacancy rates remain low at under 3 percent. Observers attribute those conditions in part to a constrained development pipeline in the area.
Developer and related activity
The developer completed the site purchase concurrently with the construction loan closing. Representatives for the developer did not immediately provide comments on the financing. The same developer secured other construction loans this reporting period for separate projects, including financing for properties on the Upper East Side and in Long Island City, and earlier construction debt for a Manhattan project.
Other nearby and regional notes
Separate filings in the neighborhood include plans for a larger multifamily project elsewhere on the same boulevard. Those proposals add to the broader pipeline of planned housing but have not materially eased tight vacancy trends to date.
Deal participants (summary)
- Lender: National bank providing a $66.1M construction loan
- Borrower: Local development firm
- Site: 64‑11 Queens Boulevard, Woodside, Queens
- Building: 14 stories, 175 units, ground‑floor retail (~11,000–11,318 sq ft)
- Parking: 29 below‑grade tenant spaces
- Arrangers: Commercial brokerage and capital markets team that managed the financing and site sale
Construction and market outlook
With financing in place and the site purchased, the project moves into the construction phase that developers and lenders expect to span roughly two and a half years. The development underscores continued investor and lender interest in transit‑proximate multifamily projects in the outer boroughs, even as financing and tax frameworks evolve.
Frequently Asked Questions
What is being built at 64‑11 Queens Boulevard?
A 14‑story multifamily building with 175 residential units, ground‑floor retail and below‑grade parking.
How much financing was provided and by whom?
A $66.1 million construction loan was provided by a national bank to the developer to fund construction and related costs.
How large is the retail space?
The ground‑floor retail is reported at roughly 11,000 to 11,318 square feet.
When will construction be finished?
The project is slated for completion in about 30 months from the start of construction.
Is any of the project designated affordable?
Yes. A portion of the units were designated as affordable under an earlier tax incentive program, and the development carries an associated tax abatement.
How does this project fit the local market?
The project is sited near subway and commuter rail service in an area with rising rents and very low vacancy, reflecting strong local demand and limited new supply.
Key project features at a glance
| Feature | Detail |
|---|---|
| Loan amount | $66.1 million |
| Borrower / Developer | Local development firm (site acquired with loan closing) |
| Address | 64‑11 Queens Boulevard, Woodside, Queens |
| Building size | 14 stories, 175 residential units |
| Retail | Approximately 11,000–11,318 sq ft ground‑floor retail |
| Parking | 29 below‑grade tenant spaces |
| Completion timeline | ~30 months |
| Site acquisition price | About $18.6 million |
| Transit | Steps from the 7 subway line and the Woodside commuter rail station |
| Amenities | Fitness center, pickleball court, golf simulator |
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 TX News
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