Domain Companies Acquires Vorea Group Amid NYC Expansion

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The Domain Companies is doubling down on New York City.

The national developer, known for its large mixed-use projects across New York’s outer boroughs, has acquired Queens-based real estate company The Vorea Group. The firms have previously partnered on several projects, including two Gowanus developments and a $370 million mixed-use multi-family project in Long Island City. The firms declined to disclose the acquisition price.

Domain co-founders and co-CEOs Matt Schwartz and Chris Papamichael will continue to lead the company. Vorea’s founder, Peter Papamichael — cousin to Domain’s Papamichael — will join as executive managing director, overseeing development acquisitions and business development, the firm announced.

Domain will acquire Vorea’s development arm, its commercial brokerage, and its general contracting business. 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 pressure margins citywide. By pulling Vorea’s construction and leasing teams in-house, Domain will control more of its supply chain, a strategy that’s become increasingly common among New York developers trying to keep projects on budget and on schedule.

Vorea, founded in 2009, developed mixed-use and residential projects in the outer boroughs while expanding into general contracting and commercial leasing, expertise Domain will use to help scale its growing New York City pipeline.

That pipeline includes roughly $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 firm is also planning a 400-unit residential project across two towers in Astoria, Crain’s reported.

Meanwhile, Domain has major holdings in New Orleans and Salt Lake City, where it’s expanded into hospitality, office and life sciences.