The ferry dock at the Long Island Terminal in Brooklyn, New York.
NEW YORK CITY – AAGS Holdings in a joint venture with Gary Segal, president and CEO of Dynamic Star, and Churchill Real Estate have acquired the former Eagle Electric building in Long Island City, an approximate 135,000-square-foot property at 23-10 Queens Plaza South, for $27.5 million. The seller was a partnership led by PMG Holdings.
Churchill Real Estate provided the acquisition financing, which Meridian Capital Group secured.
Eagle Electric, founded in 1920, was a prominent residential electrical manufacturer, noted for its innovations. Eagle's rooftop sign stood as a familiar landmark to motorists on the Queensboro Bridge for decades. Cooper Industries, Inc., now known as Eaton Corporation, acquired the property Eagle in 2000 before it changed hands later on.
Dynamic Star is active in the LIC market, developing three other towers. The firm is also developing the Fordham Landing mixed-use community along the Harlem River in The Bronx.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
