Carmel Partners signs $643.6M refi loan with Wells Fargo for residential elevator in Long Island City

Carmel Partners through the entity Cp Viii Lic Owner, LLC as borrower signed a refi loan with lender Wells Fargo through the entity Wells Fargo Bank, National Association valued at $643.6 million for the 938-unit residential elevator building (D6) at 43-30 24th Street in Long Island City, Queens.
The deal closed on December 30, 2025 and was recorded on January 20, 2026. The prior lender was Wells Fargo which held debt that had an original loan amount of $500 million.The property has 1,104,555 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $582 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 March 16, 2022, for $176 million. The signatory for Carmel Partners was Phillip Owens . The signatory for Wells Fargo was Christian Adrian .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Jennifer Will, head officer and Andrea Heon, agent. The business entities are Grep 250 N10 Llc and Cp Viii Lic Owner, Llc. The 1,104,555-square-foot property generated revenue of $40.6 million or $37 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 938 residential units in Long Island City has 1,104,555 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 192 feet and is 291 feet deep with a total lot size of 56,459 square feet. The lot is irregular. The zoning is M1-6/R10 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.1 million.

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 $675 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 100,742 square feet of the 100,742 square feet. The two identified owners are Nyc Department Of Education and Carmel Partners.

The majority, or 100 percent of the 100,742 square feet of built space are office buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Carmel Partners owned at least eight commercial properties with 1,660 residential units in New York City with 14,029 square feet and a city-determined market value of $24.3 million. (Market value is typically about 50% of actual value.) The portfolio has $908 million in debt, with top three lenders as Wells Fargo, Goldman Sachs, and Northwestern Mutual Life Insurance respectively. Within the portfolio, the bulk, or 57 percent of the 14,029 square feet of built space are mixed-use properties, with office properties next occupying 22 percent of the space. The bulk, or 78 percent of the built space, is in Manhattan, with Queens next at 22 percent of the space.

Direct link to Acris document. link