Brightshore Capital Acquires 190-Unit Luxury Multifamily Property DŌMI in Long Island City
Brightshore Capital LP has acquired DŌMI, a newly constructed luxury multifamily property located at 29-24 40th Avenue in the Dutch Kills neighborhood of Long Island City, Queens. The acquisition was executed through Brightshore's Opportunity Zone Fund II and supported by a $98.5 million loan from Affinius Capital. The asset consists of two residential towers totaling approximately 125,000 square feet of residential space and nearly 5,000 square feet of retail space. The property features 133 market-rate units and 57 affordable apartments, benefiting from a 35-year property tax exemption under New York City's 421-a program. This transaction underscores Brightshore's strategy to target supply-constrained markets with strong long-term fundamentals. By acquiring a completed asset, the firm aims to mitigate the entitlement and construction risks typically associated with ground-up developments while capitalizing on high demand for rental housing in proximity to Manhattan.
Topics: Long Island City development luxury residential multifamily housing real estate acquisition