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.

Gowanus continues to evolve into one of Brooklyn’s most dynamic neighborhoods, where new homes, local businesses, restaurants, nightlife, and creative spaces are coming together along the canal. Domain is proud to be helping shape Gowanus’s next chapter, with 420 Carroll and Majestic bringing new residential and retail to the neighborhood, alongside The Shop Brooklyn, our creative coworking community.

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.

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.