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Carlyle Group acquires 1 QPS Tower

Deal breaks record for largest apartment sales in Queens

42-20 24th Street in Long Island City (Credit: 1 QPS)

A fund managed by the Carlyle Group has closed on its acquisition of 1 QPS Tower (AKA 42-20 24th Street) from Kevin Maloney’s PMG, Howard Lorber’s New Valley, and The Hakim Organization for $284 million. The LIC rental tower contains 391 market-rate apartments, and is located within a block of the Queensboro Plaza subway station.

Acquisition financing: Carlyle financed the deal with a $179.8 million loan from MetLife Real Estate Lending. The WSJ was the first to report the news when the deal was in contract in August.

Worth Noting: The developers began leasing the luxury apartments in 2017, and now boast an occupancy rate of over 98 percent.

Put it in the history books… The sales price is the highest for an apartment rental building in Queens.

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