Gary Segal’s Dynamic Star pays $28M to Property Markets Group for property in Long Island City

Gary Segal’s Dynamic Star through the entity Aags Holdings LLC paid Property Markets Group’s Qps 23-10 Development LLC $27.5 million for 23-10 Queens Plaza South in Long Island City. The deal closed on November 20, 2019, and was recorded on November 22, 2019. The transaction consists of 1 parcel, including the tax class special construction, fireproof manufacturing building such as for printing plant, etc. (F2). The property is 108,000 square feet. The parcel(s) have total development potential of 217,616 square feet.
The average sale price per square foot is $126.
The estimated cap rate is 1.6%
The last time the property sold was December 28, 2012, for $37,000,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $8,017,900. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $558,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link