Dumbo Market Joins Jasper, a Mixed-Use Development In Long Island City

LONG ISLAND CITY (March 25, 2024) - The Domain Companies, LMXD, the VOREA Group, and Bridge Investment Group today announced that Dumbo Market, a premier grocery store, has signed a lease for approximately 13,500 SF of retail space at Jasper, a $370 million mixed-use development in Long Island City. Brokered by Igloo, Dumbo Market will open its new location in early 2025, coinciding with the completion of Jasper’s residential space. The market is moving from its site across the street and into Jasper, joining two existing locations in Brooklyn and one coming soon in Hoboken, New Jersey.  

Dumbo Market at Jasper will be a full conventional and gourmet market offering a grocery, imported domestic and craft beer, ciders, dairy, produce, fresh meats and seafood, a bakery, a fresh deli, sushi, grab and go selections, hot food and an espresso cafe with pastries. The market will offer a weekly circular and will have a section dedicated to seating for patrons to stay and enjoy their food and beverage offerings. 

Located in the heart of Long Island City along 5th Street between 50th Avenue and 49th Avenue, Jasper is a joint venture between The Domain Companies, LMXD, the VOREA Group, and Bridge Investment Group. Occupying a portion of the building’s 33,000 square feet of retail space, Dumbo Market will join a vibrant mixed-use, mixed-income community. The additional retailers, who have been carefully curated to provide an optimal spread of resources to Jasper and the neighborhood, will be announced in the coming months. 

“With each of our projects, we strive to build holistic environments where communities have everything they need to thrive,” said Matt Schwartz, CEO of the Domain Companies. “Welcoming Dumbo Market to Jasper will offer a premier amenity for everyone who calls Hunters Points their home. Access to fresh, nutritious food is a pillar of healthy communities, and Dumbo Market is an excellent way to bolster wellbeing in the neighborhood.” 

In addition to the ground floor retail space, Jasper will have 499 apartment rentals ranging from studios to three-bedrooms, 150 of which will be set aside for those with a 130% area median income. A development designed to offer residents a holistic living experience, Jasper residents will enjoy access to multiple outdoor terraces, a pool, state-of-the-art fitness equipment and classes, a yoga studio, bike storage, multiple landscaped courtyards, a game room, package lockers, personal storage, dedicated outdoor dining and BBQ areas, a residential lounge and demonstration kitchen, co-working space, green roofs and 112 parking spaces. The Jasper project is expected to be completed in Q1 2025.

Located just half a block away from Gantry State Park, Dumbo Market will join Jasper at a premier destination in the Hunter’s Point neighborhood in Long Island City. Jasper boasts close proximity to a combination of transportation options, including Long Island City’s seven subway lines (7, E, N, G, W, R, F).

Jasper will pursue LEED platinum certification and will participate in the New York State Brownfield Cleanup Program. This will be the fourth site in New York City that Domain will bring from a brownfield to LEED Gold or higher sustainability standards. 

 

About The Domain Companies - The Domain Companies is one of the nation’s leading real estate development and investment companies specializing in sustainable, mixed-use development. Since its founding in 2004, Domain has been involved in over $2.5 billion of impactful, mixed-use real estate across various product types and markets. 

About LMXD

LMXD is the mixed-income development affiliate of L+M Development Partners LLC, one of the nation’s leading builders and developers of affordable housing. Building upon a successful nearly 40-year track record on projects such as Essex Crossing in New York and Banner Lane in Washington, D.C., LMXD’s mission is to develop transformative mixed-income, mixed-use projects with a focus on culture, community, and sustainability both within the New York region and across the country. 

About The VOREA Group

The VOREA Group (VOREA), established in 2009, is a multifaceted real estate company, equipped to perform mid to large scale development projects throughout the Tri-state area. VOREA’s uniquely vertically integrated enterprise includes a thesis-based investment team, a construction management division focused on marrying best-in-class management with best-in-class technology, and an end user platform focused on weaving small business into the fabric of community. 

About Bridge Investment Group

Bridge is a leading alternative investment manager, diversified across specialized asset classes, with approximately $47.7 billion of assets under management as of December 31, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy and secondaries strategies. 

About Igloo

The Igloo mission is to facilitate the connection of business to community by partnering with culturally impactful brands in the food & beverage, retail, creative office and maker space who are looking to relocate, expand, or start-up in NYC markets. In addition to commercial real estate brokerage, our robust in-house design and construction management teams deliver turn-key real estate solutions for growing businesses. As a strategic partner, the Igloo platform also finances real estate acquisitions, funds leasehold improvements, and provides working capital for scaling concepts.