Jasper Wu And Michael Wang Secure $23.15 Million Construction Loan For Development Site In Long Island City

The asset involved in the transaction is a development site located at 37-20 Crescent Street in Long Island City, featuring a buildable square footage of 50,000. The loan amount secured for the property totals $23,150,000, classified as a construction loan.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $23,150,000
• Lender: Louis Lebovits - BridgeCity Funding
• Landlord: Jasper Wu - ZD Jasper Realty; Michael Wang - Winspire Development
• Brokers: James Murad, Adam Hakim, Michael Winter, Evan Brudnicki & Alexander Korolik - Ripco
• Date of Transaction: 8/15/2025

The deal involves multiple key individuals, including lenders and representatives from realty firms. Louis Lebovits acts as the lender through BridgeCity Funding, while Jasper Wu and Michael Wang serve as the landlords representing ZD Jasper Realty and Winspire Development, respectively. The brokerage team from Ripco consists of James Murad, Adam Hakim, Michael Winter, Evan Brudnicki, and Alexander Korolik, who facilitated the transaction.