Winspire Development has secured construction financing of 36.2 million US dollars to deliver a new residential development in the Long Island City neighbourhood of Queens, New York. Brooklyn-based lender BridgeCity Capital is providing the loan for the scheme at 10-56 46th Road. Plans provide for a building with 41 condominium flats alongside complementary ground-floor commercial space.
The development site is situated near the intersection of 46th Road and 11th Street. The proposals outline a gross floor area of around 57,670 square feet. Completion of the building is scheduled for spring 2028. The financing was arranged by an advisory team from brokerage firm Arrow Real Estate Advisors, comprising Morris Betesh, Omar Ferreira and Jonah Schultz.
Successful predecessor scheme bolsters lender confidence
The scheme follows an earlier development by Winspire in the neighbourhood. Around one mile to the north-east sits the Mason LIC residential project at 40-46 24th Street. That 42-condominium building was brought to the market at the end of 2024 and is now completely sold out. The swift absorption is seen as evidence of sustained demand for new housing in western Queens.
Morris Betesh, founder and managing partner at Arrow Real Estate Advisors, emphasised that Winspire Development had demonstrated its ability to tailor housing precisely to the local target market with the predecessor scheme. The capital provided now offers a reliable basis to build on this marketing success.
Established partnership in the Queens submarket
BridgeCity Capital also highlighted the collaboration. EJ Ehrlich, director of origination at the financier, pointed to the developer's solid track record as a repeat borrower. Combined with the stable state of the property market in Long Island City, there is great confidence in delivering the new building on schedule.
- —Project site at 10-56 46th Road near 11th Street in Long Island City
- —New build of 41 condominiums across a total of 57,670 gross square feet
- —Integrated ground-floor retail space to activate the streetscape
- —Project completion scheduled for spring 2028
Winspire Development has not yet responded to a request for comment. Long Island City has experienced intensive construction activity for years and ranks among the most dynamic residential locations in the greater New York area.
