Formerly toxic brownfield becomes neighborhood anchor in Long Island City

As Long Island City has emerged as one of New York’s most popular and fast‑growing neighborhoods, Jasper Hunters Point — the 499‑unit mixed‑use, mixed‑income apartment property — has taken shape as a new anchor along the Queens waterfront, directly across the East River from Midtown Manhattan.

Located at 2‑33 50th Ave., the property spans about 559,000 square feet, according to CoStar data. It's notable for delivering both market‑rate and affordable housing, which the project team said “is desperately needed” in the city. It also features a carefully curated mix of neighborhood‑serving retail and services that benefits both its residents and the broader Long Island City community, which is home to many working families.

The property includes 33,000 square feet of ground‑floor retail space, all of which has been fully leased. The development team said this signals “both the project’s attractiveness to tenants and the strength of demand for high‑quality commercial space in Long Island City.” Igloo, developer The Domain Cos.’ commercial leasing and placemaking affiliate, leased the entire retail component before the project received its Certificate of Occupancy.

Retail tenants include a Japanese sushi restaurant, a pizzeria and grocer Dumbo Market, as well as Glowbar facial studio, Club Pilates, Stretchlab and KidStrong, a children’s play gym.

Sustainability and environmental remediation are central to Jasper’s development story. Domain transformed a formerly unusable brownfield site contaminated with toxic metals and vapors into a project with environmental performance at the core of its design.

The development earned a 2026 CoStar Impact Award, as judged by a panel of real estate professionals with knowledge of the local market.

About the project: Jasper is a joint venture between Domain, LMXD and Bridge Investment Group. S9 Architecture served as architect, with Husband Wife as interior designer. Igloo, Domain’s in‑house retail leasing arm, leased all 10 ground‑floor retail spaces.

The mixed‑income development includes 150 apartments reserved for households earning up to 130% of area median income. The property sits half a block from Gantry Plaza State Park, a 12‑acre waterfront destination.

Amenities include multiple outdoor terraces, landscaped courtyards and a pool as well as fitness, coworking and 112 parking spaces. The project cost $380 million.

What the judges said: Stephen R. Preuss Sr., vice chairman of investment sales at Ripco Real Estate, said Jasper represents “top-notch execution from acquisition through the development” that delivers “a first‑class product in a competitive neighborhood.”

Aaron Yassin, a partner at Hive Developers, described Jasper as “a true neighborhood anchor” featuring “high affordability, neighborhood‑friendly scale [and] diverse retail, including early childhood education.”

They made it happen: The project was led by joint owners David Dishy, CEO of LMXD; David Coehlo, chief investment officer at Bridge Investment Group, and Matthew Schwartz and Chris Papamichael, co-CEOs of The Domain Cos. The project’s architecture team was led by S9 Architecture’s John Clifford, Younsung Chung, Esther Dockery and Paul Carr.

CoStar Market Manager Morgan Markowitz contributed.