Brightshore Buys DŌMI Tower in Long Island City for $143M

A newly built, 190-unit apartment complex in Long Island City has already changed hands for more than $143 million, while it had not yet opened. Brightshore Capital acquired DŌMI, a mixed-income property at 29-24 40th Avenue in the Dutch Kills neighborhood, in a deal that included 133 market-rate units and 57 set aside as affordable housing. The purchase was made through Brightshore's Opportunity Zone Fund II, according to a company announcement. Brightshore bought the property from a joint venture of SB Development, Hazelton Capital Group and Avenue Realty Capital, and financed the acquisition with a $98.5 million loan from Affinius Capital, the same release states. As Commercial Observer reported, the deal closed at just over $143 million. DŌMI comprises two residential towers and includes ground-floor retail space, though sources differ on the project's exact footprint.

This excerpt comes from the named source. Read the original for the full reporting.