Dynamic Star CEO buys Queens Plaza site for $28M

Purchase was financed by Churchill Real Estate

TRD 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
29-28 41st Street, and from left: Arik Lifshitz Amit Doshi, Adan Elias Kornfeld, Jonathan Shainberg and David Schechtman (Credit: Google Maps)

Long Island City building fetches $47M in wake of rent law

1735 York Avenue and Bonjour Capital's Charles Dayan (Credit: Google Maps)

Dayan’s Bonjour Capital inks $115M refi for Upper East Side building

A rendering of 210 East 135th Street 

Cheskel Schwimmer lands $65M construction loan for South Bronx project

From left: a rendering of Tower Fifth, Harry Macklowe  and 9 East 51st Street (Credit: Google Maps, Getty Images, and New York Times)

Macklowe is eyeing Venezuelan consulate building for his Tower Fifth supertall

Adam Hess’ break with TerraCRG gets more contentious with another lawsuit

Adam Hess’ break with TerraCRG gets more contentious with another lawsuit

Amid the Jersey City boom, development site sells for $48M

Amid the Jersey City boom, development site sells for $48M

With Brexit on the horizon, Frankfurt’s office market breaks records

With Brexit on the horizon, Frankfurt’s office market breaks records

Manhattan’s office leasing market had a record year in 2018

Manhattan’s office leasing market had a record year in 2018

arrow_forward_ios
Loading...