# Brightshore Capital Buys New Long Island City DŌMI Towers for $143 Million With $98.5 Million Debt

> Newmark represented seller SB Development, Hazelton Capital, and Avenue Realty Capital while also advising on financing. Brightshore funded through Opportunity Zone Fund II on a newly delivered 421-a asset opened October 2026.

- URL: https://www.yourcaio.co/news/brightshore-domi-long-island-city-143-million-november-2026
- Published: 2026-11-09
- Author: David Cartolano (https://www.yourcaio.co/about)
- Category: Industry News
- Property type: Multifamily
- Tags: Brightshore Capital, Long Island City, Opportunity Zone, Affinius Capital, Mixed Income
- Source: [Commercial Observer](https://commercialobserver.com/2026/11/brightshore-capital-long-island-city-deal-multifamily/)

## Key Takeaways

- Brightshore Capital purchased the 190-unit DŌMI multifamily complex at 29-24 40th Avenue in Long Island City, Queens, for just over $143 million, Commercial Observer reported November 2, 2026.
- Affinius Capital provided $98.5 million of acquisition financing; Newmark's Jordan Roeschlaub, Christopher Kramer, and Max Ralby advised on the debt, per Commercial Observer.
- SB Development, Hazelton Capital Group, and Avenue Realty Capital sold the property; Newmark's Eric Roth, Daniel O'Brien, Adam Spies, and Adam Doneger represented the JV.
- The two-tower project includes 133 market-rate and 57 affordable apartments, roughly 4,900 square feet of retail, and used New York's expired 421-a abatement; DŌMI opened in October 2026.
- Brightshore deployed Opportunity Zone Fund II capital, citing limited new NYC residential supply and reduced ground-up entitlement risk on a stabilized mixed-income asset.

**Brightshore Capital acquired the 190-unit DŌMI towers at 29-24 40th Avenue in Long Island City, Queens, for just over $143 million**, **Commercial Observer** reported **November 2, 2026**, with **Affinius Capital** providing **$98.5 million** of acquisition debt on the **October 2026** opening.

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## What Closed in Dutch Kills?

Commercial Observer's exclusives pinned the capital stack and sponsorship:

| Field | Commercial Observer, Nov. 2, 2026 |
|-------|-----------------------------------|
| Buyer | Brightshore Capital ($5.6B firm, ex-GTIS) |
| Price | Just over $143 million |
| Debt | $98.5 million (Affinius Capital) |
| Units | 190 (133 market / 57 affordable) |
| Retail | ~4,900 SF |
| Seller JV | SB Development, Hazelton Capital, Avenue Realty Capital |
| Tax tool | Expired **421-a** abatement |
| Fund | Opportunity Zone Fund II |

**Newmark** ran on both sides: **Roth, O'Brien, Spies, Doneger** on the sale; **Roeschlaub, Kramer, Ralby** on financing.

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## Why Buy New Product Instead of Ground-Up?

**Ed McDowell**, Brightshore partner, called DŌMI a **compelling Opportunity Zone addition** that **reduces entitlement and construction risk** versus raw land in **New York City**. **Rob Vahradian** highlighted **LIC's transit access** to **Midtown Manhattan** plus **sustained residential expansion** and **infrastructure investment** locally.

**Affinius** managing director **David Greenburg** described a **strong asset with top-tier sponsorship** and praised **NYC fundamentals**, especially **scarce new residential land**. That scarcity narrative contrasts with **Sun Belt metros** where **[RealPage still logged annual rent declines](https://www.yourcaio.co/news/realpage-october-2026-apartment-rent-cut-1-7-percent-yoy-november-2026)** in October even as **absorption narrowed the national supply gap**.

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## How Does Mixed Income Affect Exit Optionality?

**57 affordable units** on **133 market-rate** homes embed **regulatory carry** but also **421-a-era basis** that institutional buyers understand. Brightshore is not buying **market-rate-only luxury**; it is buying **tax-abated mixed income** at **delivery**, when construction risk is **largely retired**.

Financing **$98.5 million** against **$143 million** purchase implies meaningful equity from **Opportunity Zone Fund II**, aligning with Brightshore's **~$900 million** raised across two OZ vehicles. The structure signals **long-duration hold** intent, not merchant condo flip.

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## What Does the Deal Say About NYC vs. National Rent Trends?

National data still shows **modest recovery**: **[RealPage's October release](https://www.yourcaio.co/news/realpage-october-2026-apartment-rent-cut-1-7-percent-yoy-november-2026)** logged the **first 2026 monthly rent cut** but **1.7% year-over-year growth**. **Gateway** metros, including **New York**, remain on **[Yardi's](https://www.yourcaio.co/news/realpage-october-2026-apartment-rent-cut-1-7-percent-yoy-november-2026)** stronger rent-growth list.

Brightshore paying **$750,000+ per unit** (order-of-magnitude on 190 units) is a **NYC supply scarcity bet**, not a **Sun Belt discount hunt**. It pairs logically with **[Timberlane's Everett garden buy](https://www.yourcaio.co/news/timberlane-canopy-everett-82-8-million-november-2026)** where **job bases** and **delivery scarcity** also drive pricing, at a完全不同的 scale.

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## The Numbers Worth Writing Down

- **Price:** **>$143 million**
- **Debt:** **$98.5 million** (Affinius)
- **Units:** **190** (133 market / 57 affordable)
- **Retail:** **~4,900 SF**
- **Opened:** **October 2026**
- **Buyer AUM:** **~$5.6 billion**

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## Delivery Risk Is the Product

DŌMI is **what Opportunity Zone equity wants in 2026**: **new towers**, **mixed-income compliance already baked**, **retail podium**, and **sponsors who survived 421-a's endgame**. Brightshore did not underwrite **lease-up fiction** on a dirt pad. It bought **keys-in-hand** product across the **East River** from **Midtown**.

When **[industrial capital deploys billions on logistics repricing](https://www.yourcaio.co/news/bkm-kayne-blackstone-1-8-billion-socal-industrial-november-2026)**, multifamily sponsors like Brightshore are making the parallel bet on **rooftops and transit**: **people still pay to live close to work**, even when **[monthly national rents dip](https://www.yourcaio.co/news/realpage-october-2026-apartment-rent-cut-1-7-percent-yoy-november-2026)** for a month.

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## Sources

- [Brightshore Capital Buys New Long Island City Multifamily Complex for $143M](https://commercialobserver.com/2026/11/brightshore-capital-long-island-city-deal-multifamily/), Commercial Observer, November 2, 2026

## Frequently Asked Questions

### What did Brightshore Capital pay for DŌMI in Long Island City?

Commercial Observer reported November 2, 2026 that Brightshore Capital acquired DŌMI for just over $143 million. The 190-unit mixed-income property sits at 29-24 40th Avenue in Long Island City, Queens.

### How was the DŌMI acquisition financed?

Affinius Capital provided $98.5 million of acquisition debt, Commercial Observer reported. Newmark's Jordan Roeschlaub, Christopher Kramer, and Max Ralby advised Brightshore on the financing.

### What is the unit mix at DŌMI Long Island City?

DŌMI comprises 133 market-rate apartments and 57 affordable units across two towers, plus nearly 4,900 square feet of retail, per Commercial Observer. The project used New York State's now-defunct 421-a affordable housing tax abatement.

### Why did Brightshore use Opportunity Zone capital on DŌMI?

Partner Ed McDowell said DŌMI adds a newly constructed asset while reducing entitlement and construction risks versus ground-up development. Brightshore raised about $900 million across two Opportunity Zone funds targeting qualified census tracts.

### Who sold DŌMI to Brightshore in November 2026?

A joint venture of SB Development, Hazelton Capital Group, and Avenue Realty Capital sold the property, Commercial Observer reported. Newmark's Eric Roth, Daniel O'Brien, Adam Spies, and Adam Doneger advised the sellers.

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Cite as: David Cartolano, "Brightshore Capital Buys New Long Island City DŌMI Towers for $143 Million With $98.5 Million Debt," YourCAIO.co, 2026-11-09, https://www.yourcaio.co/news/brightshore-domi-long-island-city-143-million-november-2026