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
AmTrustRE secures 5,754 s/f lease with GKV Architects at 360 Lexington Avenue
Manhattan, NY AmTrustRE has executed a 5,754 s/f lease at its premier boutique Midtown East office tower, 360 Lexington Ave., with longtime partner GKV Architects. The award-winning firm will occupy a portion of the 14th floor. >“GKV Architects has been a trusted partner to AmTrustRE for over two decades, playing an integral role in shaping and elevating several
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
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
