Carlyle Group fund could break Queens record with LIC rental tower deal

The fund is paying $284M for 1 QPS Tower

New York /
Aug.August 23, 2018 02:00 PM

Carlyle Group’s William Conway Jr. and 1 QPS Tower at 42-20 24th Street in Long Island City (Credit: Alchetron and CityRealty)

A Carlyle Group-managed fund agreed to pay $284 million for a 45-story luxury tower in Long Island City, in what is expected to be the borough’s most expensive deal ever for a rental building.

The fund is purchasing 1 QPS Tower, according to the Wall Street Journal. The building at 42-20 24th Street contains 391 market-rate apartments and is between 98 and 99 percent occupied. Carlyle is buying it from a joint venture that includes the Hakim Organization, Property Markets Group and Howard Lorber’s New Valley.

Amenities at the building include an outdoor pool, a gym and events such as gardening classes and outdoor yoga sessions.

Will Silverman, a managing director at Hodges Ward Elliott who represented the sellers, told the Journal the deal shows that there is not a ton of pipeline following this recent surge of residential developments.

“People are treating supply like obesity and a better analogy is indigestion,” he said. “It’s Thanksgiving at 6 p.m., and everybody feels like they won’t be able to eat again, but by next Tuesday they will be fine.” [WSJ] – Eddie Small


Related Articles

arrow_forward_ios
Illustration of Mayor Eric Adams (Getty; Illustration by Kevin Rebong for The Real Deal)
Oh, rats! Eric Adams contests summons for infestation
Oh, rats! Eric Adams contests summons for infestation
Brookfield's Bruce Flatt with 1100 Newark Turnpike (Loopnet, Brookfield)
Brookfield buys CSX industrial site in Northern New Jersey for $67M
Brookfield buys CSX industrial site in Northern New Jersey for $67M
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
ZD Jasper Realty's Jasper Wu with 23-17 41st Avenue (ZD Jasper, Google Maps, Getty)
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...