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

MetLife issued the debt for the purchase of 1 QPS Tower

TRD New York /
Dec.December 10, 2018 06:15 PM

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.


Related Articles

arrow_forward_ios

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys

Developer seeks $40M for Opportunity Zone site in downtown Newark

arrow_forward_ios