
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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