The Domain Companies is doubling down on its position in New York City.
The national developer, known for its major mixed-use projects in the New York suburbs, has acquired Queens-based real estate firm The Vorea Group. The companies have previously collaborated on several projects, including two Gowanus developments and a $370 million multifamily mixed-use project in Long Island City. The companies declined to disclose the acquisition price.
Domain co-founders and co-CEOs Matt Schwartz and Chris Papamichael will continue to lead the company. Vorea founder Peter Papamichael – nephew of Domain’s Papamichael – will join as executive director and oversee development acquisitions and business development, the company announced.
Domain will take over Vorea’s development division, commercial brokerage and general contracting activities. Vorea’s existing assets are not included in the deal and will become part of Peter Papamichael’s family office.
The move comes as construction and financing costs continue to put pressure on margins across the city. By bringing Vorea’s construction and leasing teams in-house, Domain will take control of more of the supply chain, a strategy that is becoming increasingly common among New York developers trying to keep projects on budget and on schedule.
Founded in 2009, Vorea developed mixed-use and residential projects in the suburbs and expanded into general contracting and commercial leasing. Domain will use this expertise to help scale its growing pipeline in New York City.
That pipeline includes approximately $2 billion in upcoming projects, such as the next phase of Greenpoint Landing, a 1,000-unit development set to break ground in 2026. The company is also planning a 400-unit residential project across two towers in Astoria, Crain has reported.
Meanwhile, Domain has major interests in New Orleans and Salt Lake City, where it is expanding into hospitality, offices and life sciences.
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