Brightshore Capital Announces Acquisition of 190-Unit Luxury Multifamily Property in Long Island City

NEW YORK, Nov. 2, 2026 /PRNewswire/ -- Brightshore Capital LP ("Brightshore," formerly GTIS Partners), a real estate investment firm headquartered in New York, today announced the acquisition of DŌMI, a newly constructed, 190-unit luxury multifamily property located at 29-24 40th Avenue in Long Island City, Queens. The acquisition was made through Brightshore's Opportunity Zone Fund II and financed with a $98.5 million loan from Affinius Capital. The transaction reflects the firm's continued focus on investing in high-quality residential properties in supply-constrained markets with attractive long-term fundamentals. The property was acquired from a joint venture of SB Development, Hazelton Capital Group and Avenue Realty Capital.

Located in the Dutch Kills neighborhood of Long Island City, DŌMI comprises two residential towers with approximately 125,000 square feet of residential space and 4,876 square feet of retail space. The property includes 133 market-rate apartments and 57 affordable apartments and benefits from New York City's 421-a Affordable New York program, which provides a 35-year property tax exemption. Residents will enjoy an extensive amenity package, including a landscaped courtyard, rooftop terrace with Manhattan skyline views, fitness center, co-working lounge and entertainment spaces. The property is within walking distance of multiple subway stations, providing approximately 15-minute access to Midtown Manhattan.

Long Island City has experienced significant residential and retail growth over the past decade, supported by its proximity to Manhattan, expanding neighborhood amenities and strong demand for high-quality rental housing. Brightshore believes New York City's limited housing supply, significant barriers to new construction and strong renter demographics create an attractive environment for long-term residential investment.

"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 and well-connected neighborhoods," said Rob Vahradian, Partner at Brightshore Capital. "Long Island City has benefited from sustained residential expansion, fueled by convenient access to Manhattan, robust transportation links and continued investment in local infrastructure and neighborhood amenities. We believe the combination of these fundamentals and the limited availability of new residential development opportunities creates an attractive environment for long-term investment."

Ed McDowell, Partner at Brightshore Capital, added, "DŌMI is a compelling addition to our Opportunity Zone portfolio, providing the chance to acquire a newly constructed asset while substantially reducing the entitlement and construction risks typically associated with ground-up development. The property's location, modern amenity offering and long-term tax benefits position it well to benefit from New York City's strong residential demand. We are also pleased that the investment will contribute additional market-rate and affordable housing to a market where the need for new supply remains significant."

"Tucked away on a cobblestone street in the heart of Dutch Kills, DŌMI was envisioned as an urban retreat that brings nature into everyday city living," said Joseph Stern, Principal of SB Development. "We are proud to have brought DŌMI to life alongside our joint venture partners," said Steve Scioscia, Partner at Avenue Realty Capital.

The acquisition further expands Brightshore's Opportunity Zone investment platform, through which the firm has raised approximately $900 million across its first two funds to invest in residential, industrial and mixed-use developments throughout the United States. Building on this experience, Brightshore recently launched its third Opportunity Zone fund to capitalize on the next generation of the program, known as Opportunity Zones 2.0, which becomes effective in January 2027. The permanent extension of the program, enhanced tax incentives and greater regulatory certainty are expected to create new opportunities for long-term investment in designated communities, consistent with Brightshore's investment focus.

The loan marks Brightshore and Affinius's first transaction together. David Greenburg, Managing Director and Co-Head of Debt Origination at Affinius Capital, said, "The transaction reflects our focus on selectively deploying capital into strong assets with top-tier sponsorship and compelling long-term fundamentals. We look forward to growing our partnership with Brightshore Capital."

The sale was led by Eric Roth of Newmark with teammates Daniel O'Brien, Adam Spies & Adam Doneger. Newmark also advised on the acquisition financing led by Jordan Roeschlaub, Christopher Kramer & Max Ralby. "The asset is in one of the best OZ locations in NYC and made for a great acquisition for Brightshore's needs and criteria," said Roth.

About Brightshore Capital (f/k/a GTIS Partners)

Brightshore Capital (f/k/a GTIS Partners) is a real estate investment firm, headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Charlotte, Houston, and Munich. The firm was founded in 2005 and is managed by President and Founder Tom Shapiro and partners Rob Vahradian, João Teixeira, Tom Feldstein, Ed McDowell, Robert McCall, Peter Ciganik, and Maristella Diniz. The firm manages $5.6 billion in gross assets and is active across a wide range of real estate sectors including single-family and multifamily housing, office, industrial/logistics, hospitality and opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, Brightshore has invested in over 240 assets across almost 50 unique markets, including growth areas such as San Francisco, New York, Miami, Phoenix, Dallas, Houston, Denver, Atlanta, Tampa, and Charlotte. In Brazil, Brightshore is among the largest real estate private equity firms, with holdings including office, residential, logistics, and hospitality investments. Marquee development assets by the firm in São Paulo include the Infinity office building, Campus JK and hotel Palácio Tangará. For more information, please visit www.brightshore.com.

About Affinius Capital LLC

Affinius Capital® is an integrated institutional real estate investment firm focused on value-creation and income generation. With over a 40-year track record and $64 billion in gross assets under management, Affinius has a diversified portfolio across North America and Europe providing both equity and credit solutions to its trusted partners and on behalf of its institutional clients globally. For more information, visit affiniuscapital.com.

SB Development

SB Development (SBD) is a vertically integrated real estate developer and general contractor headquartered in New York, with offices in Lawrence, NY and Miami, FL. Founded in 2010, the firm is led by founders Joseph Stern and Roni Benjamini, whose backgrounds span engineering, construction, development, acquisitions and finance. SBD has completed more than $2 billion in construction value across over 25 properties, delivering more than 2,000 residential units and over three million square feet of commercial, luxury and affordable residential space. As both owner and builder, SBD manages every phase in-house, from land assembly and entitlements through financing and construction. SBD continues to grow its pipeline in New York and Florida, with additional projects to be announced. For more information, please visit www.sbdevelopmentgroup.com.

Hazelton Capital Group

Hazelton Capital Group (HCG) is a diversified real estate company, led by Adam Westreich, with offices in New York City and Miami. With a proven track record of excellence, HCG focuses on creating extraordinary living experiences in the most sought-after locations. HCG is at the forefront of innovation, redefining urban living and setting new standards in luxury and functionality. The principals have owned and developed several thousand residential units throughout the country as well as several million square feet across various other asset classes. With over 2 million square feet currently under development, their forward-thinking approach ensures that each project is meticulously crafted to exceed expectations and deliver unparalleled living environments. www.hazeltoncapitalgroup.com 

Avenue Realty Capital

Avenue Realty Capital is a real estate investment management and development firm focused on multifamily housing in the New York tri-state area of NY, NJ and CT. The firm combines relationship-driven sourcing, disciplined underwriting and hands-on execution to acquire, develop and operate residential properties. www.avenuerealtycap.com

Media Contacts

Mary Beth Grover / Keely Gispan
ASC Advisors
(203) 992-1230
[email protected] / [email protected]

This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it constitute an offer or solicitation of investment advisory services. Any such offer or solicitation may only be made to qualified investors pursuant to definitive offering documents and in compliance with applicable securities laws. Past performance is not indicative of future results.

SOURCE Brightshore Capital