Domain Companies secured financing for its mixed-use, two-building project in the heart of “Commie Corridor.” Wells Fargo provided $175 million in construction financing for Elara, a 429-unit development in Queens’ Astoria neighborhood, the Commercial Observer reported. Domain also contributed equity into the project, alongside Canyon Partners Real Estate and BLDG Management.

The Domain Cos. has closed about $176 million in financing with Wells Fargo to build new housing in Queens' Astoria neighborhood, one of the fastest-growing parts of the borough. The developer's equity partners on the deal are Canyon Partners Real Estate and BLDG Management. The deal allows Domain to move forward with a 429-unit apartment development called Elara at 35-45, 35-33 and 35-42 41st St. 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-building Elara will deliver 429 units of housing to New York, including 107 affordable units. The Domain Companies has secured $175 million in construction financing to build Elara, a two-building, 429-unit mixed-income housing development in the historic Astoria neighborhood of Queens, Commercial Observer can first report. 

A new residential development taking shape along the Gowanus Canal is set to bring hundreds of apartments, dedicated arts space and new waterfront amenities to the neighborhood.

The Majestic, a 255-unit apartment building being developed by Domain Companies, will feature many apartments with private terraces overlooking the canal. The project is also being marketed as a destination for both residents and local creatives, with community-focused spaces planned at the base of the building.

"Majestic’s topping out marks another significant milestone in our ongoing commitment to Gowanus, where we now have over 600 residences across two properties,” said Matt Schwartz, co-CEO at Domain Companies.

Developer Domain Companies said zoning reform made possible a recently finished 360-unit building in Gowanus and a 499-unit building in Long Island City, where 30% of the units are affordable and there is a pool and a dog park on the roof. “The rezonings are necessary because the demand is there, and the city is meeting the need by effectuating these rezonings,” said co-chief executive Matt Schwartz.

The Shop Workspace opened the doors to its new South Market location June 3, marking the coworking brand’s second footprint in New Orleans and its return to the city following national expansion into Brooklyn and Salt Lake City.

The Shop SOMA, located on the ground floor of The Standard condominium building at 798 S. Rampart Street, offers 5,400 square feet of coworking space, 11 private offices, 12 dedicated desks, 30 commons memberships and two conference rooms, plus event space, phone booths and an array of amenities.

Commercial Observer sat down with Aaron Amitin, chief operating officer at both Domain and Good Company, last week to discuss Good Company’s current work and how Domain is finding ways to build new housing around the city’s 485-x tax incentive.

Construction has topped out on Majestic, a ten-story mixed-use residential building at 540 Degraw Street in Gowanus, Brooklyn. Developed by The Domain Companies and designed by Handel Architects, the project will yield 255 rental apartments, approximately 14,000 square feet of retail and office space, and 45 enclosed parking spaces.

— A COMMUNITY BLOCK PARTY and gelato social will celebrate the reopening of the historic Carroll Street Bridge on Saturday from 4-6:30 p.m. at the entrance to the bridge, 420 Carroll Street in Gowanus. The block party, organized by neighborhood coworking platform The Shop, will include costume-making workshops with Arts Gowanus, canoeing opportunities with the Gowanus Dredgers, and a floating art installation by Moontaka. The gelato social - which will hand out 500 cones - is hosted by Igloo, in partnership with noted Brooklyn gelateria Albero Dei Gelati. Events are free.