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 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 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.”