Winspire Development Lands $36.2M BridgeCity Capital Construction Loan for Long Island City Condos

Winspire Development has secured $36.2 million in construction financing from BridgeCity Capital to build a condominium project in Long Island City, Queens, according to an announcement dated Oct. 21, 2026. Arrow Real Estate Advisors arranged the loan.

Winspire Development Project Details

The financing will fund construction of a 41-unit condominium building at 10-56 46th Road, near 46th Road and 11th Street in Long Island City. The 57,670-gross-square-foot building will include ground-floor retail space. Completion is expected in spring 2028.

The $36.2 million loan works out to roughly $885,000 per planned unit and about $628 per gross square foot. Because the gross area includes retail and common or nonresidential space, the per-square-foot figure should not be read as a residential sellout price or land basis.

BridgeCity Capital as Construction Lender

Brooklyn-based BridgeCity Capital provided the construction loan. Arrow Real Estate Advisors arranged the transaction.

Developer Track Record in Long Island City

The site is about one mile southwest of Winspire Development's Mason LIC condominium at 40-46 24th Street. Mason LIC launched in late 2024 and has sold all 42 of its units.

Long Island City Condo Market Context

Overall sales activity in Long Island City softened in the first half of 2026, even as the supply of new-construction condominiums tightened. Corcoran's first-half report counted 123 total sales, down 37% year over year, with dollar volume falling 27% to $154 million. Active listings rose 45% to 221, and resale-condominium listings more than doubled to 155 units, a record 70% of listed supply.

New-development inventory, by contrast, fell 22% year over year to 59 units. A separate market analysis found that first-half closings fell 20% to 153, while new-development closings held near 81 units. New construction accounted for 53% of total sales in that analysis, up from 42% a year earlier. Corcoran, using a different dataset, counted 48 new-development closings, down 63% year over year. The differing closing counts reflect differences in coverage and methodology.

Pricing in the submarket has remained elevated. Long Island City condominium sales reached a median of $1,538 per square foot in 2026 through August, compared with $1,111 per square foot for Queens overall.

Competing Condominium Projects

The 46th Road project will enter a market with several newly launched or recently marketed developments. LUMA at 10-39 49th Avenue has listed one-bedrooms from $948,000, two-bedrooms from $1.388 million and a three-bedroom penthouse at more than $2.72 million. Other recent entrants include Loft 21, Skyline 8, The Icon and Paragon.

Outlook

The loan adds to construction financing activity for Long Island City condominiums at a time when resale supply is rising while new-development inventory remains limited. Winspire Development's completed sellout at Mason LIC and the submarket's pricing premium over Queens overall form the backdrop for the new project, which is scheduled for delivery in spring 2028.

Sources

• Arrow Real Estate Advisors: BridgeCity Capital Lends $36M on Long Island City Condos Build
• Commercial Observer: BridgeCity Capital Long Island City Condos