Brightshore Capital has acquired the newly completed DŌMI residential complex in the Long Island City district of New York for 150 million dollars. The investment firm, which formerly traded under the name GTIS Partners and manages around 5.6 billion dollars, secured an acquisition loan of 98.5 million dollars for the transaction. The vendor of the property is a joint venture consisting of SB Development, Hazelton Capital Group and Avenue Realty Capital.
Structured financing and market overview
The debt capital for the acquisition was provided by Affinius Capital. Brokerage firm Newmark advised on both sides of the transaction: Eric Roth, Daniel O’Brien, Adam Spies and Adam Doneger brokered the sale, whilst Jordan Roeschlaub, Christopher Kramer and Max Ralby arranged the financing. David Greenburg, Managing Director and Co-Head of Debt Origination at Affinius Capital, highlighted the high quality of the property and its ownership structure. He also pointed to the favourable market conditions, in particular the acute shortage of new residential space in New York City and the challenges developers face in securing suitable building land.
Rob Vahradian, partner at Brightshore Capital, emphasised the locational strengths of Long Island City, situated directly opposite Midtown Manhattan across the East River. The district has recorded continuous residential growth for years and benefits from ongoing investment in local infrastructure. The combination of these factors and the severely limited supply of new development opportunities creates an attractive environment for long-term capital investments.
Key data and fund allocation
The property at 29-24 40th Avenue in the Dutch Kills neighbourhood was completed in October 2026. The complex comprises two residential towers with a total of 190 flats, split into 133 market-rate and 57 rent-stabilised units. The building also features around 4,900 square feet of retail space on the ground floor. The first residents moved into their units last month.
- —Transaction volume: 150 million dollars
- —Acquisition loan: 98.5 million dollars provided by Affinius Capital
- —Space breakdown: 190 residential units and around 4,900 square feet of commercial space
- —Completion and initial occupancy: October 2026
The project was realised using New York's now-expired 421-a tax incentive programme. Brightshore provided the equity through its Opportunity Zone Fund II. The programme comprises two funds through which Brightshore is raising around 900 million dollars for projects in tax-advantaged areas. Ed McDowell, partner at Brightshore Capital, noted that DŌMI is an ideal complement to the Opportunity Zone portfolio. The transaction enables the acquisition of a newly built property whilst entirely avoiding the planning and construction risks associated with proprietary development.
