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37 20 Crescent Street

Updated Aug 28, 2025

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

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

37 20 Crescent Street

$23,150,000

Building Size

—

Asset Type

Development Site

Closing

Aug 14, 2025

About this deal

AI

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:

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.

On the Map

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$23,150,000

Development Site

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Players

James Murad

Ripco

Broker

$3.2B

vol

68 deals

Broker
Ripco
RipcoBrokerage
Louis Lebovits

Louis Lebovits

Lender

$1.5B

vol

55 deals

Lender
BridgeCity Capital
BridgeCity CapitalLender

Jasper Wu

ZD Jasper Realty

Landlord

$666M

vol

21 deals

Landlord
ZD Jasper Realty
ZD Jasper RealtyLandlord
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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.69%

Cash-on-Cash

-0.20%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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