ZD Jasper Shrinks Woodside Tower to 148 Units, Affordable Count Gone

ZD Jasper Realty has cut its planned Woodside rental tower at 64-11 Queens Boulevard from 175 units to 148, and the affordable-housing count that came with the larger building has disappeared from the new renderings entirely, even as the developer holds the same $66.1 million First Citizens Bank construction loan it closed against the bigger project.

Why it matters

CityRealty’s December 2025 listing described a 14-story, 175-unit building with 45 units reserved as affordable, built on a site grandfathered into the 421-a tax break. New renderings released this month by architect Archimaera, first reported by New York YIMBY and confirmed by QNS, show the same 14-story, roughly 155,000-square-foot building now holding 148 rental units, with 11,318 square feet of ground-floor retail and parking for 89 cars. Neither outlet’s October coverage names an affordable-unit count. ZD Jasper bought the site for $18.62 million from an entity tied to Gadi Benhamo and closed a $66.1 million construction loan from First Citizens Bank, arranged by RIPCO Real Estate, in August 2025, before the unit count changed.

The numbers

The math matters because the loan was not resized. A $66.1 million construction loan against an $18.62 million land basis is roughly 3.5 times the purchase price, a leverage ratio set when the building plan called for 175 units and a defined affordable component under 421-a. Cutting 27 units and dropping the specified affordable count does not shrink the loan, it changes what that debt has to produce in rent roll to perform. The building also picked up amenities in the new renderings, including a pickleball court, fitness center and golf simulator, the kind of market-rate draws that read as a bet on rents covering the gap rather than on the affordable set-aside.

What’s next

QNS reports a completion target of August 2027, which puts a DOB filing update showing the revised unit count and affordable breakdown on the near-term calendar. Watch for that filing to either restate an affordable commitment under 421-a or confirm the project has moved to an all market-rate configuration, and for whether First Citizens revisits loan terms once the smaller unit count is filed. For more on development moving through Queens and the rest of the city, see our New York market coverage.