Key Takeaways
- • Brightshore Capital, formerly GTIS Partners, acquired DŌMI, a newly constructed 190-unit multifamily property at 29-24 40th Avenue in Long Island City, Queens, through its Opportunity Zone Fund II.
- • The acquisition was financed with a $98.5 million loan from Affinius Capital, marking the first transaction between Brightshore and the institutional real estate investment firm.
- • The property comprises 133 market-rate and 57 affordable apartments and benefits from a 35-year property tax exemption under New York City's 421-a Affordable New York program.
- • Brightshore's Opportunity Zone platform has raised approximately $900 million across its first two funds, and the firm manages about $5.6 billion in gross assets.
- • Newmark handled the property sale and advised on the acquisition financing; the seller was a joint venture of SB Development, Hazelton Capital Group, and Avenue Realty Capital.
Summary
Brightshore Capital, formerly known as GTIS Partners, has acquired DŌMI, a newly constructed 190-unit luxury multifamily property in Long Island City, Queens, through its Opportunity Zone Fund II. According to the publisher's summary, the property was acquired from a joint venture involving SB Development, Hazelton Capital Group, and Avenue Realty Capital. Newmark handled the property sale and advised on the acquisition financing.
The purchase was financed with a $98.5 million loan from Affinius Capital, an institutional real estate investment firm. The transaction marks the first deal between Brightshore and Affinius. The asset sits at 29-24 40th Avenue in the Dutch Kills neighborhood and includes two residential towers with approximately 125,000 square feet of residential space and 4,876 square feet of retail space. The building contains 133 market-rate apartments and 57 affordable units, and it benefits from New York City's 421-a Affordable New York program, which provides a 35-year property tax exemption.
Amenities include a landscaped courtyard, a rooftop terrace overlooking Manhattan, a fitness center, a coworking lounge, and entertainment spaces. The property is roughly 15 minutes from Midtown Manhattan by subway, according to the publisher. Brightshore expects the asset to benefit from Long Island City's housing demand, proximity to major employment centers, and constraints on new residential construction.
Partner Rob Vahradian said the acquisition expands Brightshore's New York City residential portfolio and cited sustained residential expansion and infrastructure investment in the neighborhood. Partner Ed McDowell said the deal offers a newly built asset while substantially reducing the entitlement and construction risks typically associated with ground-up development.
The acquisition also extends Brightshore's Opportunity Zone platform, which has raised approximately $900 million across its first two funds. The firm recently launched a third Opportunity Zone fund targeting investments under the next phase of the federal program, which becomes effective in January 2027. Brightshore manages approximately $5.6 billion in gross assets across multiple real estate sectors.
The purchase was financed with a $98.5 million loan from Affinius Capital, an institutional real estate investment firm. The transaction marks the first deal between Brightshore and Affinius. The asset sits at 29-24 40th Avenue in the Dutch Kills neighborhood and includes two residential towers with approximately 125,000 square feet of residential space and 4,876 square feet of retail space. The building contains 133 market-rate apartments and 57 affordable units, and it benefits from New York City's 421-a Affordable New York program, which provides a 35-year property tax exemption.
Amenities include a landscaped courtyard, a rooftop terrace overlooking Manhattan, a fitness center, a coworking lounge, and entertainment spaces. The property is roughly 15 minutes from Midtown Manhattan by subway, according to the publisher. Brightshore expects the asset to benefit from Long Island City's housing demand, proximity to major employment centers, and constraints on new residential construction.
Partner Rob Vahradian said the acquisition expands Brightshore's New York City residential portfolio and cited sustained residential expansion and infrastructure investment in the neighborhood. Partner Ed McDowell said the deal offers a newly built asset while substantially reducing the entitlement and construction risks typically associated with ground-up development.
The acquisition also extends Brightshore's Opportunity Zone platform, which has raised approximately $900 million across its first two funds. The firm recently launched a third Opportunity Zone fund targeting investments under the next phase of the federal program, which becomes effective in January 2027. Brightshore manages approximately $5.6 billion in gross assets across multiple real estate sectors.
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