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Carlyle May Set Borough Record with LIC Buy

In what would be a record for the borough, the Carlyle Group has reportedly agreed to pay $284 million for 1 QPS Tower in the Long Island City section of Queens. It’s believed to be the highest price paid for a rental apartment building in Queens, and provides further evidence that LIC is on institutional investors’ radar, the Wall Street Journal reported.

The 45-story 1 QPS opened for occupancy in early 2017. It debuted in an LIC market that has seen thousands of apartments completed over the past decade.

However, Hodges Ward Elliott’s Will Silverman told the WSJ, despite headlines reporting increased landlord concessions in the luxury sector, there is little pipeline behind the most recent development surge. Silverman represented the partnership that developed 1 QPS and put it on the market.

That being said, a recent report spotlighted nearly three dozen LIC rental and condominium projects currently under development.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).