Domain Cos. Acquires The Vorea Group In Family Business Merger
The Domain Cos. has acquired The Vorea Group — one of its major partners in New York City — in a deal that unites firms led by two cousins.
Domain co-CEOs Matt Schwartz and Chris Papamichael will oversee the merged company. Vorea founder and principal Peter Papamichael will become the executive managing director of the combined firm, leading new development acquisitions and business development, according to an announcement by Domain.
The firm declined to comment on the deal terms, including the acquisition price.
“Domain and Vorea have had a longstanding relationship as partners on several significant projects, and this transaction is a seamless strategic decision, enabling us to build upon the successes we have shared over the past decade,” Chris Papamichael said in a statement.
The two firms have worked together on several residential projects, all in the outer boroughs. Just hours before the announcement, it was reported that the partners filed plans for a 400-unit development in Astoria.
The acquisition deepens Domain’s capacity in the five boroughs. The developer, responsible for $2.5B in mixed-use real estate, has a pipeline of $2B of new projects in New York City, including the next phase of Greenpoint Landing, a 1,000-unit development anticipated to break ground in mid-2026.
The deal doesn’t, however, include Vorea’s existing real estate assets, which will be retained by Peter Papamichael’s family office. That includes Vorea’s stakes in the projects the firm has partnered with Domain on, according to a spokesperson.
In Gowanus, the partnership has a 360-unit development at 420 Carroll St., the first major residential project to open following the 2021 rezoning, and a 268-unit building at 540 DeGraw St. In Greenpoint, they have 210 units at 1133 Manhattan Ave.
In Long Island City, Domain and Vorea have partnered on 2-33 50th Ave. and 49-20 Fifth St., with 499 units each. In the Bronx, they have a 544-unit development at 414 and 445 Gerard Ave.
As part of the deal, Domain will also acquire Vorea’s affiliates, commercial brokerage Igloo and general contractor Vorea Construction Co., bringing those services in-house. Igloo will provide leasing support for the company’s projects, while VCC will be tapped to construct the new development projects while continuing to expand its third-party business.
Vorea’s New York City development team will merge with Domain’s existing team. Steven Ohnemus will become director of constructability, Jared Lewis will become a senior development manager, and Natalie Johnson will become director of people and culture for the combined company.
Domain’s Aaron Amitin and Vincent Keeler will remain as chief operating officer and chief financial officer, respectively.
“By joining Domain, we bring Vorea’s entrepreneurial spirit and proven expertise into a broader platform — together we amplify our reach, innovate boldly, and set a new standard for transformative projects in our core markets,” Peter Papamichael said in a statement.
