AAGS and Dynamic Star JV to Acquire Queens Landmark Property
Churchill Real Estate provided the $27 million acquisition financing, which Meridian Capital Group secured.
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.