Brightshore Capital buys 190-unit luxury apartment building in Long Island City for $143 million
Brightshore Capital just bought DŌMI, a new 190-unit luxury apartment building in Long Island City, for slightly more than $143 million. Brightshore is an investment firm that recently changed its name from GTIS Partners.
Brightshore Capital, an investment firm formerly known as GTIS Partners, just bought DŌMI, a newly constructed 190-unit luxury apartment building located at 29-24 40th Ave. In Long Island City, for slightly more than $143 million, according to Connect CRE. The massive deal for the Queens property was completed through Brightshore’s Opportunity Zone Fund II and financed with a $98.5-million loan from Affinius Capital, a real estate financing company.
The sellers were a joint venture of SB Development, Hazelton Capital Group and Avenue Realty Capital, three real estate development firms. Rob Vahradian, a partner at Brightshore, said the area continues to attract long-term investment. “Long Island City has benefited from sustained residential expansion, fueled by convenient access to Manhattan, robust transportation links and continued investment in local infrastructure and neighborhood amenities,” Rob Vahradian said.
The Newmark Investment Sales Team, consisting of Eric Roth, Daniel O’Brien, Adam Spies and Adam Doneger, arranged the sale for the property. Meanwhile, Jordan Roeschlaub, Christopher Kramer and Max Ralby of the Newmark Debt & Structured Finance Team arranged the multi-million-dollar loan from Affinius.
For anyone watching the Queens housing market, a $143-million trade shows that major real estate firms still see strong demand for new rentals just across the river from Manhattan.
