Domain Draws $175.6M From Wells Fargo for 429 Astoria Rentals
Twelve months separate a $37M Queens land trade and the construction debt that took out the acquisition loan, all of it on the public record.
Illustration- Source Briefing
- Public record
- Also reported by Commercial Observer
The Domain Companies has closed a $175,600,000 Wells Fargo construction loan on Elara, a two-building, 429-unit rental project at 35-33, 35-45 and 35-42 41st Street in Astoria, Queens. The debt recorded in three pieces, and the pieces reconcile to the dollar against the loan size the developer reported, which is not always the case.
Why it matters
Twelve months to the day separate the land trade and the construction debt, and both sit on the public record. That makes Elara a clean look at what a 429-unit Queens rental costs to capitalize right now.
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On August 5, 2025, two deeds moved the three lots out of Mayer/Mayor Malbin Realty I LLC of Woodside for a combined $37,000,000, split $26,839,858.91 against the eastern site and $10,160,141.10 against the western one. Domain financed that with a $34,125,000 acquisition loan from Schroder Taft-Hartley Income REIT Holdings II. That Schroder loan was released by document 2026082500424006, which carries the same instrument date and the same recording date as the Wells Fargo debt. The takeout is visible in the record, not inferred from it.
The lots had no residential units at all. Before demolition, 35-45 41st Street was a 15,700 sq ft warehouse built in 1926, zoned M1-5/R9-1 with a residential FAR of 9.0. The other two, built in 1924 and 1989, sat on R7-3 lots at FAR 5.0.
The numbers
Three instruments dated August 5, 2026 reached the register on August 28: a $102,140,000 mortgage against Domain 41st Street Site A LLC, a $38,460,000 mortgage against Domain 41st Street Site B LLC, and a $35,000,000 agreement covering both. They total exactly $175,600,000.
The $102.14M and $38.46M split tracks the program. Elara East runs 18 stories and 330 units, Elara West 12 stories and 99 units, with 107 permanently affordable apartments and 4,000 sq ft of retail between them.
Our arithmetic on those records puts the construction debt at roughly $409,300 per unit and the land beneath it at about $86,200 per unit, or close to $495,600 per apartment before equity.
Canyon Partners Real Estate and BLDG Management have been reported in the trade press as equity partners. Neither appears in any ACRIS party record on these instruments.
What’s next
Separate mortgages on Site A and Site B mean the two buildings can draw, complete and stabilize on their own schedules rather than as one delivery.
See our coverage of the $145.9M posted against Astoria’s battery project and the New York market.
Quick answers
- What is the latest on Elara?
- Three recorded instruments sum to exactly $175,600,000 on Domain's 429-unit Astoria project, and the bridge lender was released the same day.
- Who is developing Elara?
- The Domain Companies, Canyon Partners Real Estate and BLDG Management, according to NYC ACRIS, document 2026082500424011.
- What are the key numbers for Elara?
- Wells Fargo construction loan: $175.6M; Apartments across two buildings: 429; Land cost, August 2025: $37M; Permanently affordable units: 107.
On the record
The three instruments recorded against Elara sum to exactly $175,600,000 ($102,140,000 plus $38,460,000 plus $35,000,000), and the $34,125,000 Schroder acquisition loan was released by document 2026082500424006 carrying the same August 5, 2026 date and the same August 28, 2026 recording as the Wells Fargo debt, so the takeout is visible in the record rather than inferred.
Public record · a836-acris.nyc.gov
Primary record
- NYC ACRIS, document 2026082500424013Mortgage, $38,460,000, Domain 41st Street Site B LLC and Wells Fargo Bank NA
- NYC ACRIS, document 2026082500424009Agreement, $35,000,000, Domain 41st Street Site A and Site B
Also reported by
- Commercial ObserverWells Fargo lends $175M on Queens Elara apartment project