Carlyle, Stonehenge sign $158.2M refi loan with Natixis for 391-unit rental in LIC

Carlyle Group and Stonehenge NYC through the entity One QPS Owner, L.L.C. as borrower signed a refi loan with lender Natixis valued at $158.2 million for the 391-unit residential elevator building (D6) at 42-20 24th Street, with an alternate address of 23-01 42nd Road, in Long Island City, Queens.
The deal closed on June 10, 2025 and was recorded on June 20, 2025. The prior lender was MetLife which held debt that had an original loan amount of $179.8 million.The property has 390,824 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $404 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on November 29, 2018, for $284 million. The signatory for Carlyle Group and Stonehenge NYC was Ryan Morrison . The signatory for Natixis was Hana Beckles and Connie Moy .

Prior sales and revenue

The owner representatives according to the Department of Housing Preservation and Development include Richard Cohen of Stonehenge NYC, head officer and Adam Grushko, officer. The business entity is One Qps Owner Llc. The 390,824-square-foot property generated revenue of $19.1 million or $49 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 391 residential units in Long Island City has 390,824 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 186 feet deep with a total lot size of 14,920 square feet. The zoning is M1-6/R9 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 7.52 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2019 and expires in 2034. The city-designated market value for the property in 2022 is $90.3 million. The property has 391 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $790 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 23, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 498,824 square feet of the 498,824 square feet. The two identified owners are Stonehenge Nyc and Dynamic Star.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 498,824 square feet of built space are elevator buildings, with industrial buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Carlyle Group owned at least 332 commercial properties with 3,822 residential units in New York City with 4,143,885 square feet and a city-determined market value of $966.7 million. (Market value is typically about 50% of actual value.) The portfolio has $895.7 million in debt, with top three lenders as PGIM Real Estate, Invesco, and Prudential Financial respectively. Within the portfolio, the bulk, or 38 percent of the 4,143,885 square feet of built space are elevator properties, with industrial properties next occupying 29 percent of the space. The bulk, or 49 percent of the built space, is in Brooklyn, with Queens next at 31 percent of the space.

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