The Domain Cos. closes on $175 million financing with Wells Fargo to deliver 400 housing units
Queens, NY The Domain Companies closed on $175.6 million in financing with Wells Fargo for a new mixed-income housing project called Elara, which will deliver 429 new apartments in one of the city’s fastest-growing neighborhoods.
“Astoria is one of New York’s most vibrant and culturally rich neighborhoods, and it has long held a special place in Domain’s history. We’re proud to deepen that connection by delivering a thoughtfully designed residential community that reflects the character of the neighborhood while offering one of the highest-quality living experiences in the market,” said Matt Schwartz, co-CEO of Domain Companies.
Domain’s equity partners on the deal are Canyon Partners Real Estate and BLDG Management. The financing was brokered by Chris Peck and Nicco Lupo of JLL Capital Markets.
“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,” said 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.”
“Elara represents a rare convergence of strategic positioning, experienced sponsorship, and exceptional value creation in one of New York City’s most dynamic growth corridors,” said Chris Peck, senior managing director at JLL. “With Astoria’s ongoing transformation and the sponsor group’s proven execution capabilities, we were able to secure highly competitive financing for a project that is well-positioned to outperform as the neighborhood continues its upward trajectory.”
The project includes an 18-story building with 330 apartments called Elara East, and a 12-story building with 99 apartments named Elara West. The development includes 107 permanently affordable homes, representing 25% of the total residential units.
The two residential buildings will share top-tier amenities including fitness centers, co-working spaces, a screening room, a listening lounge, a gaming room with golf simulator, a children’s playroom, a dog wash station, outdoor courtyards, and a rooftop terrace at Elara East. The project will also bring in significant new retail opportunities to the area with 4,000 s/f of retail space.
The buildings are located at 35-45, 35-33 and 35-42 41st St, with Elara West anticipated to open in February 2028, and Elara East anticipated to open in September 2028.
Domain is managing the project. Good Company will market and lease the residential units and Igloo will market and lease the commercial spaces.
Elara is Domain’s second recent project in Queens. In 2025, the company completed work on Jasper, a 499-unit housing development along the Queens’ waterfront. In addition to housing, the project focused on bringing in retailers and services that would benefit the broader community, which is home to many working families. Jasper also features 10 retail spaces including a childcare center and science-based learning center for youth.
Domain’s projects are known for their standout designs that incorporate the character of the local neighborhood. New York-based architecture firm S9, known for its adaptive reuse projects including transforming underutilized waterfront and industrial sites such as Industry City and One Time Square, is the architect for Elara. Farouki Farouki, a New Orleans-based firm known for residential projects that blend modern design with local narrative and historical context, is the interior designer.
VOREA Construction Group, which Domain acquired in 2025 to bring all facets of the development and construction process in-house, will serve as the general contractor.