Brightshore Capital Buys New Long Island City Multifamily Complex for $150M

Brightshore Capital — the $5.6 billion investment firm formerly known as GTIS Partners — has secured $98.5 million of acquisition financing to purchase DŌMI, a 190-unit mixed-income multifamily complex that was completed last month in Long Island City, Queens, Commercial Observer can first report.  

Commercial Observer can also first report that Brightshore purchased the property from a joint venture among SB Development, Hazelton Capital Group and Avenue Realty Capital for a total of $150 million, in a deal arranged by Newmark’s Eric Roth, Daniel O’Brien, Adam Spies and Adam Doneger.

Affinius Capital provided the acquisition debt, while Newmark’s Jordan Roeschlaub, Christopher Kramer and Max Ralby arranged the financing. 

David Greenburg, managing director and co-head of debt origination at Affinius Capital, described the building as a “strong asset with top-tier sponsorship,” while also praising the fundamentals of the property, particularly the lack of new residential supply in New York City and developers’ difficulty in finding land for new construction. 

Rob Vahradian, partner at Brightshore Capital, noted in his own remarks that not only is Long Island City a popular and transportation-friendly neighborhood, being just across the East River from Midtown Manhattan, but that the surrounding area itself also has seen “sustained residential expansion” and “continued investment in local infrastructure and neighborhood amenities” in recent years.

“We believe the combination of these fundamentals, and the limited availability of new residential development opportunities, creates an attractive environment for long-term investment,” Vahradian said. 

Located at 29-24 40th Avenue in the Dutch Kills neighborhood of Long Island City, DŌMI opened in October 2026, and is made up of two residential towers that feature 133 market-rate apartments and 57 affordable apartments. The property includes nearly 4,900 square feet of retail space. 

The project was financed using New York State’s now-defunct 421-a affordable housing tax abatement and secured investment capital from Brightshore’s Opportunity Zone Fund II. Brightshore has raised roughly $900 million across two funds to invest into developing or acquiring properties in economically distressed areas in return for tax benefits.

“DŌMI is a compelling addition to our Opportunity Zone portfolio, providing the chance to acquire a newly constructed asset while substantially reducing the entitlement and construction risks typically associated with ground-up development,” said Ed McDowell, partner at Brightshore Capital.

Brian Pascus can be reached at bpascus@commercialobserver.com.