Weekly Real Estate News
Summary
Brightshore Capital announced November 2, 2026, that it acquired the 190-unit DŌMI apartment property in Long Island City, Queens, through Opportunity Zone Fund II. Affinius Capital provided a $98.5 million acquisition loan. The two-tower property has 133 market-rate and 57 affordable units. The buyer's announcement did not disclose the purchase price.
Brightshore Capital has acquired a newly built apartment property in Queens, using a $98.5 million loan from Affinius Capital to finance the purchase. The transaction puts a completed, mixed-income building into an Opportunity Zone investment fund rather than financing another ground-up development.
The property, DŌMI, is at 29-24 40th Avenue in Long Island City’s Dutch Kills neighborhood. Its two towers contain 190 apartments: 133 market-rate units and 57 designated affordable units. Brightshore, formerly GTIS Partners, announced the completed acquisition November 2, identifying a seller group of SB Development, Hazelton Capital Group and Avenue Realty Capital.
The buyer did not disclose a sale price. The $98.5 million is the acquisition loan, not the property’s purchase consideration. Several trade publications reported different purchase figures, and WRE News has not independently confirmed a price from a deed or other primary transaction record.
Affordable apartments and a long-term tax incentive
DŌMI has about 125,000 square feet of residential space and 4,876 square feet of retail space. Brightshore said the development benefits from New York City’s 421-a Affordable New York program, which provides a 35-year property-tax exemption subject to program requirements. The affordable apartment count represents 30% of the building’s 190 residences.
Those details matter to the underwriting. The 421-a incentive can affect operating expenses, while the affordable housing obligations constrain how certain apartments are rented. Brightshore did not release the property’s rent roll, occupancy, net operating income, appraisal or debt-service coverage ratio. Without those figures, the $98.5 million financing cannot be used to calculate a reliable capitalization rate or loan-to-value ratio.
The deal was funded through Brightshore’s Opportunity Zone Fund II. The company says it has raised approximately $900 million across its first two Opportunity Zone funds and has launched a third fund in anticipation of changes to the federal program beginning in January 2027. Those are the firm’s reported fundraising figures and plans, separate from the completed property acquisition.
Newmark handled the sale and financing
Newmark advisers led by Eric Roth arranged the sale, according to Brightshore, while another Newmark team arranged the Affinius loan. The lender and buyer said this was their first transaction together.
Brightshore is acquiring a finished building rather than carrying construction and entitlement risk. That choice comes as developers in New York contend with financing costs and limited new supply. It does not remove leasing, operating or refinancing risk, and the buyer’s announcement offered no forecast of investment returns.
WRE News has also reported a $135 million financing package for a Yonkers apartment development, a separate New York-area transaction illustrating the range of capital structures supporting multifamily properties. The DŌMI transaction itself is complete; its longer-term financial performance remains to be seen.
Image: Illustrative New York City skyline photograph; not a photograph of DŌMI. Photo credit: Jorge Ramírez/Unsplash.
