NEW YORK CITY — The Domain Cos. has secured $175.6 million in financing from Wells Fargo for the development of a new multifamily project in the Astoria neighborhood of Queens. Canyon Partners Real Estate and BLDG Management are Domain’s equity partners on the deal.
Chris Peck and Nicco Lupo of JLL Capital Markets arranged the construction financing on behalf of Domain.
Dubbed Elara, the new development will total 429 apartments. The property will include an 18-story building with 330 units — Elara East — and a 12-story building with 99 units — Elara West. Of the apartments, 107 units, or 25 percent, will be designated as permanently affordable housing.
Amenities at Elara will include fitness centers, coworking spaces, a screening room, listening lounge, gaming room with a golf simulator, children’s playroom, dog wash station, outdoor courtyards and a rooftop terrace. The property will also feature 4,000 square feet of retail space.
Good Co. will market and lease the residential units on behalf of the ownership, and Igloo will handle marketing and leasing for the commercial spaces. VOREA Construction Group, a subsidiary of Domain, will serve as the general contractor. Domain acquired the company in 2025. Founded in 2004, Domain is headquartered in New York City.
Elara West is scheduled to open in February 2028, with Elara East scheduled to open the following September.
“We continue to see attractive opportunities to invest in high-quality residential projects in markets supported by strong housing demand and compelling long-term fundamentals,” says Jacob Feingold, partner and head of originations at Canyon Partners Real Estate. “Astoria’s continued growth, combined with Domain’s proven development expertise, made this an especially compelling opportunity to help bring much-needed mixed-income housing to the neighborhood.”
— Hayden Spiess