News:
Brokerage
Posted: January 21, 2020
AAGS Holdings acquires Eagle Electric building; $27.5 million deal arranged by Meridian Capital Group
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.
Tags:
Brokerage
MORE FROM Brokerage
Industrial Realty Group acquires 422,727 s/f distribution facility in south St. Paul
St. Paul, MN Industrial Realty Group, LLC (IRG) acquired a 422,727 s/f industrial distribution facility located at 411 Farwell Ave. in south St. Paul. The property was formerly the headquarters of The Sportsman’s Guide, an online and
Quick Hits
 (2).gif)
Columns and Thought Leadership
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
.gif)
August Promotion
