Queens, NY AAGS Holdings has purchased the former Eagle Electric building in Long Island City, with plans to build a tower above the current structure to create a class-A office building with retail and cafés.
AAGS Holdings is a joint venture of Gary Segal, president and CEO of Dynamic Star, and Churchill Real Estate. The seller was a partnership led by PMG Holdings.
The historic 135,000 s/f property, at 23-10 Queens Plaza South, was acquired for $27.5 million. Meridian Capital Group arranged acquisition financing for the purchase from Churchill Real Estate.
According to Gary Segal, principal of AAGS, SLCE Architects has joined the development team, “To help us create an inventive and stimulating addition to the emerging Queens Plaza skyline. Midtown Manhattan is only five minutes away, and the location is easily accessible via no fewer than eight subway lines, which is ideal for this kind of development.”
Dynamic Star has participated in the development of three other towers in Long Island City. The firm also is developing the Fordham Landing mixed-use community along the Harlem River in The Bronx.
Justin Ehrlich, managing partner of Churchill, said, “We feel comfortable with the location. And as a fallback, the retail is great, and the neighborhood is getting significantly stronger.”
Churchill, founded by Justin Ehrlich and Sorabh Maheshwari, is the premier capital provider for innovative real estate developments in New York City, specializing in debt and preferred equity-based financing.
Eagle Electric, founded in 1920, was a major residential electrical wiring device manufacturer, noted for its innovations. It was acquired in 2000 by then Texas-based Cooper Industries, Inc. (now Eaton Corp.). Eagle’s rooftop sign stood as a familiar landmark to motorists on the Queensboro Bridge for decades.