Domain Companies in contract to pay $21.5M to CUNY for LIC dev site

The Domain Companies, a New York-based real estate development and investment firm led by Matt Schwartz and Chris Papamichael, is in contract to pay $21.5 million for a five-parcel development site at 5-17 47th Avenue in Long Island City, Queens, from the City University of New York’s Graduate Center Foundation Housing Corporation LIC.

The properties are tax block 28 Lots 12, 15, 17, 18 and 121 and commonly known together as 5-17 47th Avenue or 5-11 47th Avenue.

Peter Papamichael’s Vorea Group originally signed a contract for the property on June 30, 2024. On November 14, 2024, the Vorea Group assigned the contract to Domain Companies. The Graduate Center bought the development site from O’Connor Capital Partners in 2015 for $22.5 million in order to build a dormitory with approximately 200 units, the Wall Street Journal reported at the time.

PincusCo reported on the contract assignment in 2025, but did not report the price.

Domain Companies has filed plans for the parcels.

Stephen Ohnemus, of Domain Companies submitted a new building construction project for a 147-unit, 127,594 square-foot residential (R-2) building at 5-17 47 Avenue in Long Island City, Queens. The plan was filed with the New York City Department of Buildings on December 17, 2025 under job number Q01332495. It calls for the construction of a 10-story building. The project is described in the filing as: application filed to erect 10 story new building as per plans.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has near average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 8.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 16 of the 21 commercial properties representing 179,276 square feet of the 199,876 square feet. The largest owner is Charney Companies, followed by Domain Companies and then Joseph Nargentino/Joseph Disunno. On the tax block, there was one new building construction project filed totaling 127,594 square feet. It is a 147-unit, 127,594 square-foot residential (R-2) building submitted by Domain Companies and filed by Stephen Ohnemus with plans filed December 17, 2025 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Domain Companies owned at least 20 commercial properties with 904 residential units in New York City with 1,793,471 square feet and a city-determined market value of $29.7 million. (Market value is typically about 50% of actual value.) The portfolio has $637.3 million in debt, with top three lenders as JLL, Equitable Financial Life Insurance Company, and PNC Bank respectively. Within the portfolio, the bulk, or 96 percent of the 1,793,471 square feet of built space are elevator properties, with industrial properties next occupying 4 percent of the space. The bulk, or 96 percent of the built space, is in Bronx, with Brooklyn next at 2 percent of the space.

The surrounding

Within a 400-foot radius of 5-17 47 Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, one was in new building development. It was a new building permit application filed on December 17, 2025 for a 127,594-square-foot residential (R-2) building with 147 residential units at 5-17 47th Avenue. Of those four items, two were sales above $5 million totaling $12.8 million. The most recent of the two was Palwinder Singh and Aditya Shah which bought the zero-square-foot industrial (G7) on 47 Avenue for $6.4 million from Antonio Restivo on April 29, 2026. One of those four items was a loan which Palwinder Singh and Aditya Shah borrowed $6.5 million from Ponce Bank secured by the zero-square-foot industrial (G7) on 47 Avenue on April 29, 2026.

Direct link to the property’s ACRIS page and link to DOB NOW portal.