The expansion of affordable housing in New York City continues apace. The Domain Companies has secured US$175 million in development financing to realise the Elara project. This comprises two buildings with a total of 429 residential units for various income brackets and is being built in the historic Astoria district of Queens, as first reported by Commercial Observer.
Wells Fargo provided the development financing. The Domain Companies, along with Canyon Partners Real Estate and BLDG Management, contributed an undisclosed equity stake to the transaction. The transaction was brokered by Chris Peck and Nicco Lupo of JLL Capital Markets.
Attractive investment opportunities
Jacob Feingold, Partner and Head of Originations at Canyon Partners Real Estate, highlighted in a statement the continued population growth in Astoria and The Domain Companies' experience in developing projects in the region. In 2025, the company opened Jasper, a 499-unit residential complex along the Queens waterfront. Feingold stated that they continue to see attractive investment opportunities in high-quality residential projects in markets supported by strong housing demand and compelling long-term fundamentals.
The Elara project is located at 35-45, 35-33 and 35-42 41st Street, in an area bordering the Sunnyside Gardens and Astoria neighbourhoods. It is divided into Elara East, an 18-storey building with 330 apartments, and Elara West, a 12-storey building with 99 apartments. In total, the complex will feature 107 permanently affordable residential units and 4,000 square feet of retail space.
Extensive facilities and completion
On-site amenities include fitness centres, co-working spaces, a cinema room, a gaming room with golf simulator, a children's playroom, a dog wash station and outdoor courtyards. Elara East will also offer a rooftop terrace with views of the Manhattan skyline. Matt Schwartz, Co-CEO of Domain Companies, described Astoria as "one of New York's most vibrant and culturally rich neighbourhoods". He added that they are proud to deepen this connection by delivering a thoughtfully designed residential community that reflects the character of the neighbourhood while offering one of the highest quality living experiences on the market.
Elara West is scheduled to open in February 2028, while Elara East is expected to be completed a few months later in September 2028.
