Domain Lands $175M Wells Fargo Loan for 429-Unit Astoria Project

• Domain Companies has secured $175 million in construction financing from Wells Fargo for its 429-unit Elara project in Astoria, Queens.
• The two-building development will include 107 affordable apartments and approximately 4,000 square feet of retail space.
• Canyon Partners Real Estate and BLDG Management are investing alongside Domain, with construction scheduled to finish in phases between February and September 2028.

What Is Planned for Elara

Domain Companies is moving forward with Elara, a two-building residential development spanning 35-45, 35-33 and 35-42 41st Street in Astoria. The project will bring 429 apartments to the neighborhood, including 107 affordable units, along with ground-floor retail.

The development is split between Elara East, an 18-story building with 330 units, and Elara West, a 12-story building with 99 units. The project will offer a mix of apartment layouts while adding new housing to one of Queens' most active development corridors.

What the $175 Million Loan Covers

Wells Fargo provided the $175 million construction loan, giving Domain and its investment partners the financing needed to advance the project. Domain is also contributing equity alongside Canyon Partners Real Estate and BLDG Management.

JLL Capital Markets arranged the debt, with Chris Peck and Nicco Lupo leading the financing effort. The financing comes as institutional investors continue targeting multifamily projects in neighborhoods with strong housing demand and access to transit and employment centers.

What Residents Will Get

Elara will offer a broad amenity package designed around fitness, entertainment, work, and family living. Planned features include fitness centers, coworking areas, a screening room, gaming room, golf simulator, children's playroom, dog wash station, outdoor courtyards, and a rooftop terrace at Elara East.

The combination of market-rate and affordable apartments is also expected to expand housing options in Astoria, where development has continued rapidly over the past decade.

What This Means for Astoria

Elara is part of a broader wave of residential development across what has become one of New York City's most active housing corridors. Astoria, Long Island City, Sunnyside, and neighboring Queens and Brooklyn communities have collectively added tens of thousands of new homes over the past decade.

The project also follows the collapse of the larger Innovation QNS development, which had envisioned thousands of apartments across multiple Astoria sites. Individual developers are now moving forward with separate projects across portions of that former development footprint.

What Comes Next

Construction is underway, with Elara West expected to be completed in February 2028 and Elara East scheduled to follow approximately seven months later.

For Domain, the project continues the company's expansion of its New York multifamily portfolio while maintaining its focus on mixed-income development. Domain's current leadership includes co-founders and Co-CEOs Matt Schwartz and Chris Papamichael, who oversee the company's development and operations.