ZD Jasper signs $20.5M construction loan with BridgeCity for 39-unit project in LIC
ZD Jasper Realty through the entity 3720 Crescent LLC as borrower signed a new construction loan with lender BridgeCity Capital through the entity Bridgecity Hilltop LLC valued at $20.5 million for the industrial building (G7) at 37-20 Crescent Street in Long Island City, Queens.
The deal closed on August 15, 2025 and was recorded on August 26, 2025. The prior lender was Pacific National Bank which held debt that had an original loan amount of $4.2 million.
On the lot, there is one active new building construction project, Q01149759, for a 39-unit, 39,035 square-foot R-2 building. The project was submitted by ZD Jasper Realty and filed by Wu Jasper with plans filed March 11, 2025 and permitted July 2, 2025.
The owner bought the property on January 22, 2025, for $8.4 million. The signatory for ZD Jasper Realty was Jasper Wu . The signatory for BridgeCity Capital was Louis Lebovits .
The property
The parcel has frontage of 125 feet and is 112 feet deep with a total lot size of 13,647 square feet. The lot is irregular. The zoning is M1-2/R5D which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential. The city-designated market value for the property in 2022 is $1.8 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.
The neighborhood
In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.5 times the average sales volume among other neighborhoods with $979.9 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 5.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 24,370 square feet of the 89,630 square feet. The two identified owners are C.A.C. Industries and Zd Jasper Realty.
On the tax block, there was one new building construction project filed totaling 39,035 square feet. It is a 39-unit, 39,035 square-foot residential (R-2) building submitted by ZD Jasper Realty and filed by Wu Jasper with plans filed March 11, 2025 and permitted July 1, 2025.
The majority, or 66 percent of the 89,630 square feet of built space are industrial buildings, with office buildings next occupying 27 percent of the space.
The borrower
The PincusCo database currently indicates that Zd Jasper Realty owned at least 21 commercial properties with 484 residential units in New York City with 245,940 square feet and a city-determined market value of $57.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 48 percent of the 245,940 square feet of built space are industrial properties, with elevator properties next occupying 20 percent of the space. The bulk, or 80 percent of the built space, is in Queens, with Manhattan next at 20 percent of the space.
Direct link to Acris document. link