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Carlyle Group Making Moves in LIC



Long Island City is becoming a new hot spot, with its rising towers and beautiful views of Manhattan right over the water, and Carlyle Group is getting in on the action. One of the funds it manages will acquire a 45-story luxury tower in Long Island City for $284 million. Long Island City may be getting big, but even this deal is noteworthy as it would be the biggest real estate deal in the neighborhood’s history.

The fund will specifically purchase the property at 1 QPS Tower, according to the Wall Street Journal. The building at 42-20 24th Street has 391 market-rate apartments with almost every last bit of space taken up by tenants already. Carlyle will take the property on from a joint venture that includes the Hakim Organization, Property Markets Group and Howard Lorber’s New Valley, The Wall Street Journal reports.

The building will also offer some of the usual amenities like an outdoor swimming pool, a ym, and even some events like outdoor yoga and learning how to garden in a city.

The Jewish Voice previously reported on some of the things this company did in the past. David M. Rubenstein, co-founder of the company, donated $18.5 million to help restore the Lincoln Memorial. The Presidents’ Day donation, presented during the National Park Service’s centennial year, will expand educational resources, foster public access, and repair and restore the Lincoln Memorial. It is Rubenstein’s fourth gift to benefit our country’s national parks.

Rubenstein’s gift to the National Park Foundation’s Centennial Campaign for America’s National Parks will allow the National Park Service to repair damaged brick and marble masonry and clean the memorial; conserve the Jules Guérin murals located above the memorial’s inscriptions; create approximately 15,000 square feet of functional space including exhibit, education and research areas; and add an elevator to improve accessibility. A special project will provide future visitors with a glimpse of the memorial’s foundational pillars, which anchor the memorial to the bedrock, and of the graffiti of the workers who built the monument in the early twentieth century.

“These improvements will hopefully enable more people to better understand and appreciate Abraham Lincoln’s remarkable leadership during one of the most trying periods in American history,” David Rubenstein said. “I am humbled to be a part of honoring this great man and preserving this iconic memorial for future generations.”

“This generous donation by David Rubenstein, his fourth to benefit national parks, comes at a perfect time as our national parks usher in a new century of service to this nation,” said U.S. Secretary of the Interior Sally Jewell. “His act of ‘patriotic philanthropy’ will not only safeguard one of our most visited and recognizable memorials for future generations, but will also help preserve Lincoln’s legacy to this country.”

By: Bryan Soley

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