The Carlyle Group Acquires Rental Property In Long Island City For $284M
42-20 21st Street, Long Island City, NY 11101
$284,000,000
$726,342/SF
Building Size
391 SF
Asset Type
—
Closing
Aug 22, 2018
About this deal
AI
The sale of 1 QPS Tower, located at 42-20 24th Street in Long Island City, New York, has been finalized. The property, a rental building, was sold by Kevin Maloney's PMG, Howard Lorber's New Valley, and The Hakim Organization to The Carlyle Group. The transaction was facilitated by Will Silverman of Hodges Ward Elliott. The sale price for the property amounted to $284,000,000. The building consists of 391 units, resulting in a per unit price of $726,000.
Summary of transaction details
- Property Type: Rental
- Transaction Amount: $284,000,000
- Address: 42-20 24th Street (1 QPS Tower), Long Island City, New York
- Market: Long Island City
- Seller: Kevin Maloney's PMG, Howard Lorber's New Valley, The Hakim Organization
- Buyer: The Carlyle Group
- Broker: Will Silverman of Hodges Ward Elliott
- Units: 391
- Price Per Unit: $726,000
The individuals involved in this transaction included Kevin Maloney, David Rubenstein (CEO of The Carlyle Group), Howard Lorber, William E Conway Jr, Daniel D’aniello, Kamran Hakim, and Will Silverman of Hodges Ward Elliott.
Players
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Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93