{"id":391486,"date":"2026-11-03T00:40:42","date_gmt":"2026-11-03T00:40:42","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/391486\/"},"modified":"2026-11-03T00:40:42","modified_gmt":"2026-11-03T00:40:42","slug":"brightshore-capital-buys-new-long-island-city-multifamily-complex-for-143m-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/391486\/","title":{"rendered":"Brightshore Capital Buys New Long Island City Multifamily Complex for $143M \u2013 Commercial Observer"},"content":{"rendered":"

Brightshore Capital<\/a> \u2014 the $5.6 billion investment firm formerly known as GTIS Partners \u2014 has secured $98.5 million of acquisition financing to purchase D\u014cMI, a 190-unit mixed-income multifamily complex that was completed last month in Long Island City, Queens, Commercial Observer can first report.\u00a0\u00a0<\/p>\n

Commercial Observer can also first report that Brightshore purchased the property from a joint venture among SB Development<\/a>, Hazelton Capital Group<\/a> and Avenue Realty Capital<\/a> for just over $143 million, in a deal advised by Newmark\u2019s Eric Roth, Daniel O\u2019Brien, Adam Spies and Adam Doneger.<\/p>\n

SEE ALSO: Northwind Provides $231M Construction Loan to Convert 675 Third Avenue<\/a><\/p>\n

Affinius Capital provided the acquisition debt, while Newmark\u2019s Jordan Roeschlaub, Christopher Kramer and Max Ralby advised on the financing transaction.\u00a0<\/p>\n

David Greenburg, managing director and co-head of debt origination at Affinius Capital, described the building as a \u201cstrong asset with top-tier sponsorship,\u201d while also praising the fundamentals of the property, particularly the lack of new residential supply in New York City and developers\u2019 difficulty in finding land for new construction.\u00a0<\/p>\n

Rob Vahradian, partner at Brightshore Capital, noted in his own remarks that not only is Long Island City a popular and transportation-friendly neighborhood, being just across the East River from Midtown Manhattan, but that the surrounding area itself also has seen \u201csustained residential expansion\u201d and \u201ccontinued investment in local infrastructure and neighborhood amenities\u201d in recent years.<\/p>\n

\u201cWe believe the combination of these fundamentals, and the limited availability of new residential development opportunities, creates an attractive environment for long-term investment,\u201d Vahradian said.\u00a0<\/p>\n

Located at 29-24 40th Avenue in the Dutch Kills neighborhood of Long Island City, D\u014cMI opened in October 2026, and is made up of two residential towers that feature 133 market-rate apartments and 57 affordable apartments. The property includes nearly 4,900 square feet of retail space.\u00a0<\/p>\n

The project was financed using New York State\u2019s now-defunct 421-a affordable housing tax abatement and secured investment capital from Brightshore\u2019s Opportunity Zone Fund II. Brightshore has raised roughly $900 million across two funds to invest into developing or acquiring properties in economically distressed areas in return for tax benefits.<\/p>\n

\u201cD\u014cMI 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,\u201d said Ed McDowell, partner at Brightshore Capital.<\/p>\n

Correction: An earlier version of this story incorrectly reported a purchase price of $150 million and reported the asset opened last month, when it has not yet opened.\u00a0<\/p>\n

Brian Pascus can be reached at bpascus@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Brightshore Capital \u2014 the $5.6 billion investment firm formerly known as GTIS Partners \u2014 has secured $98.5 million…\n","protected":false},"author":2,"featured_media":391487,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[141601,10909,10910,141602,68744,36569,141603,83793,22114,68670,9,24,63,122,124,123,141604],"class_list":["post-391486","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-29-24-40th-avenue","tag-adam-doneger","tag-adam-spies","tag-christopher-kramer","tag-daniel-obrien","tag-david-greenburg","tag-ed-mcdowell","tag-eric-roth","tag-jordan-roeschlaub","tag-max-ralby","tag-new-york","tag-new-york-city","tag-nyc","tag-queens","tag-queens-headlines","tag-queens-news","tag-rob-vahradian"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/391486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=391486"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/391486\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/391487"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=391486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=391486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=391486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}