The Real Deal New York

Carlyle Group pays record price for Queens rental tower, scores $180M loan

MetLife issued the debt for the purchase of 1 QPS Tower
By David Jeans | December 10, 2018 06:15PM

1 QPS Tower at 23-01 42nd Road and William Conway Jr. of The Carlyle Group

A fund managed by the Carlyle Group on Monday closed on the purchase of 1 QPS Tower for $284 million, making it the most expensive acquisition of a rental building in Queens’ history.

Carlyle financed the purchase of the 45-story tower at 42-20 24th St with a $179.8 million loan from MetLife Real Estate Lending, according to property records filed Monday.  The loan, which will retire a previous debt package provided by Deutsche Bank to the original owners, comes with a $29.8 million gap mortgage.

The seller is a partnership between Hakim Organization, Kevin Maloney’s Property Markets Group and Howard Lorber’s New Valley.

The 481-foot-tall building, which features a rooftop pool and a gym, contains 391 market-rate apartments and is almost entirely occupied.

Across the river, Carlyle secured one of the largest loans in Manhattan for November, with a $160 million debt portion provided by AllianceBernstein for 56 unsold office condo units at 866 United Nations Plaza.

Carlyle also recently partnered with Slate Property Group on a new $750 million real estate lending company focused on the New York City market.