Brightshore Capital Expands Portfolio with Acquisition of Luxury Property in Long Island City

Brightshore Capital Acquires DŌMI in Long Island City

On November 2, 2026, Brightshore Capital LP, previously known as GTIS Partners, announced a significant acquisition of a luxury multifamily property located in Long Island City, Queens. The property, named DŌMI, features 190 units and embodies the new standard in urban living, integrating luxury with sustainable living. This acquisition was facilitated through Brightshore's Opportunity Zone Fund II, augmented by a $98.5 million loan extended by Affinius Capital.

DŌMI stands at 29-24 40th Avenue, strategically nestled within the Dutch Kills neighborhood, a rapidly growing area characterized by its competitive edge due to proximity to Manhattan. The development comprises two residential towers offering approximately 125,000 square feet of residential space along with 4,876 square feet allocated for retail ventures. Out of the total units, there are 133 market-rate apartments, supplemented by 57 affordable units, benefiting from the city's 421-a Affordable New York program, which ensures a 35-year property tax exemption.

Residents at DŌMI will enjoy an array of amenities designed for a modern lifestyle, including a landscaped courtyard, a rooftop terrace with unparalleled views of the Manhattan skyline, a fully-equipped fitness center, co-working spaces, and entertainment lounges. The property’s location allows easy access to multiple subway stations, offering residents a swift 15-minute commute to Midtown Manhattan.

Brightshore Capital's focus on investing in high-quality residential properties in markets constrained by supply has propelled this acquisition. With a strategic perspective, the firm’s executives believe that the limited housing supply in New York City, combined with the robust demand for quality rental homes, presents a favorable landscape for ongoing residential investments.

Rob Vahradian, a partner at Brightshore Capital, expressed enthusiasm regarding the acquisition, stating, "We are pleased to expand Brightshore's residential portfolio in New York City with the acquisition of DŌMI, a high-quality, newly constructed property in one of the city's most dynamic neighborhoods.” He highlighted the sustained growth of Long Island City, underscoring its advantageous access to transportation and ongoing investment in local infrastructure as key factors that make the area an attractive investment destination.

Ed McDowell, another partner at Brightshore, emphasized that DŌMI is an enticing addition to their Opportunity Zone portfolio, which aims to unlock value in strategically chosen locations. He noted the significance of the property’s modern amenities, location, and long-term tax benefits in meeting the strong residential demands of the area.

Joseph Stern, Principal of SB Development, articulated a vision for DŌMI as an urban retreat that melds nature with city living. He, alongside his joint venture partners, was keen to manifest that vision, thus bringing DŌMI to life.

The acquisition aligns with Brightshore's strategy of capitalizing on Opportunity Zone investments, as it has raised around $900 million across its first two funds, directing investments towards residential, industrial, and mixed-use developments across the United States. As part of evolving investment strategies, Brightshore is set to launch its third Opportunity Zone fund ahead of the program's new iteration, known as Opportunity Zones 2.0, expected to provide enhanced tax incentives and regulatory clarity starting January 2027.

The collaboration with Affinius Capital marks not only a significant transaction but also an entry into a growing partnership aimed at investing in top-tier real estate assets.

In summary, the acquisition of DŌMI signifies Brightshore Capital's firm commitment to investing in areas poised for growth while responding to the urgent need for both market-rate and affordable housing in New York City. The development exemplifies a forward-thinking approach in real estate, blending luxury living with the amenities and conveniences of urban life, ultimately presenting a promising opportunity for residents and investors alike.