Dynamic Star CEO buys Queens Plaza site for $28M

Purchase was financed by Churchill Real Estate

New York /
Nov.November 27, 2019 04:30 PM
23-10 Queens Plaza South, Gary Segal and Justin Ehrlich (Credit: Google Maps)

23-10 Queens Plaza South, Gary Segal and Justin Ehrlich (Credit: Google Maps)

The chief executive of Dynamic Star has purchased a building in Long Island City for $27.5 million.

The property, a former Eagle Electric building at 23-10 Queens Plaza South, was acquired by AAGS Holdings LLC, an entity controlled by Gary Segal, who has developed at least four other buildings in Queens Plaza with Dynamic Star, his real estate firm.

The seller was a partnership led by Kevin Maloney’s PMG Holdings.

Segal said he plans to build an office building with retail and cafe space at the property, which spans about 135,000 square feet. The deal works out to about $200 per square foot.

Meridian Capital Group arranged financing from Churchill Real Estate, which provided $29.75 million in debt and took a $250,000 equity stake in the building. As part of the deal, Churchill has a 50 percent profit-sharing agreement at the building, people familiar with the deal said.

“We felt comfortable with the location,” said Justin Ehrlich, Churchill’s managing partner. “And as a fallback, the retail is great, and the neighborhood is getting significantly stronger.”

In a statement, Segal said that building would become a “stimulating addition to the emerging Queens Plaza skyline.”

Through Dynamic Star, Segal is also planning to develop the massive Fordham Landing project in the Bronx along the Harlem River, along with his business partners Penny Lee and Brad Zackson.


Related Articles

arrow_forward_ios
State Comptroller Thomas DiNapoli (iStock, Getty)
The pandemic gave NYC office buildings $29B haircut
The pandemic gave NYC office buildings $29B haircut
Igal Namdar of Namdar, Arash “Josh” Rahmani and Ebi Khalili of Empire Capital Partners with 345 Seventh Ave (Bernstein Real Estate, Namdar, Empire)
What tenants are paying at 345 Seventh Avenue
What tenants are paying at 345 Seventh Avenue
WATCH: Creating The Post-Covid Office
WATCH: Creating The Post-Covid Office
WATCH: Creating The Post-Covid Office
NY investment sales market roars back
New York City investment sales market roars back
New York City investment sales market roars back
AEW Global CEO Jeff Furber (left), North America CEO Jonathan Martin and 60 Charlton Street (AEW, APF Properties)
AEW purchases boutique Soho office building for $86.2M
AEW purchases boutique Soho office building for $86.2M
Clockwise from bottom left: GFP Real Estate co-CEOs Eric Gural and Brian Steinwurtzel, Sorgente Group president Veronica Mainetti and ABS President Gregg Schenker with the Flatiron Building (GFP, Sorgente, ABS, iStock)
Flatiron Building owners pursue sale, citing discord over renovation
Flatiron Building owners pursue sale, citing discord over renovation
Aby Rosen and 522 Fifth Avenue (Getty, Google Maps)
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
32 Avenue of the Americas, Two Metrotech and 60 Hudson Street. (Rudin Management, Brookfield Properties, 60 Hudson, City of New York)
These properties face credit risk under Local Law 97: Moody’s
These properties face credit risk under Local Law 97: Moody’s
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...