Real Estate
Former Eagle Electric Building Sold for $27.5M
BY EMILY DAVENPORT
The former Eagle Electric building in Long
Island City has been purchased by a holding
company with plans to turn the spot into an
office building.
The building, located at 23-10 Queens Plaza South,
was acquired by AAGS Holdings, a joint venture of
Gary Segal, president and CEO of Dynamic Star, and
Churchill Real Estate, for $27.5 million. Financing for
the 135,000-square-foot property was handled by
Meridian Capital Group.
Originally founded in 1920, Eagle Electric was a
major residential electrical wiring device manufacturer.
Their iconic rooftop sign was a familiar landmark to
motorists on the Queensboro Bridge. It was acquired
in 2000 by then Texas-
based Cooper Industries, Inc.,
now known as Eaton Corporation.
AAGS and Churchill Real Estate plan to take the
site and build a tower over the existing structure for
an office building and include retail and cafes at the
ground level. Gary Segal, principal of AAGS, said 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
16 JANUARY 2020 I LIC COURIER I www.qns.com
is ideal for this kind of development.”
“We feel comfortable with the location,” said Justin
Ehrlich, managing partner of Churchill. “And as a
fallback, the retail is great, and the neighborhood is
getting significantly stronger.”
GALERIE in Long Island City
Courtesy of SLCE Architects
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