Raymond Gindi adds to FiDi holdings with $38M buy

Fashion heir already owns adjacent properties

New York /
Oct.October 20, 2017 07:00 AM

Raymond Gindi, heir to the Century 21 fashion fortune and CEO of real estate investment firm ASG Equities, paid $38.6 million for the two-story retail property 173 Broadway in the Financial District.

Gindi already owns two adjacent five-story buildings at 175-177 Broadway, property records show. If he decided to tear down all three, he could build a 106,000-square-foot commercial property as of right on the corner lot facing Cortlandt Street.

Gindi did not immediately respond to a request for comment.

The 5,000-square-foot property at 173 Broadway is currently home to a Bento Sushi restaurant. The sellers, Broadway and Cortlandt Realty and Knolls Realty, had owned the building since 1974.

Gindi’s father Al co-founded Century 21 in the 1960s. In 2012 the family investment firm, Gindi Capital, sold a 26-building New York portfolio for $164 million. Gindi also owns stakes in the Bryant Park Hotel and 490 Fulton Street in Downtown Brooklyn.


Related Articles

arrow_forward_ios
Larry Silverstein with 120 Broadway
Housing agency nabs two floors at Silverstein’s 120 Broadway
Housing agency nabs two floors at Silverstein’s 120 Broadway
Oceanwide Holding’s Lu Zhiqiang and renderings of 80 South Street (LinkedIn, ATCHAIN)
Mystery buyer pays just $169M for site of Oceanwide’s distressed supertall
Mystery buyer pays just $169M for site of Oceanwide’s distressed supertall
 40 Wall Street, Eric Trump, Jay Suites’ Juda Srour (40 Wall Street, Getty)
Co-working firm gets 50K sf, low rent at Trump’s 40 Wall Street
Co-working firm gets 50K sf, low rent at Trump’s 40 Wall Street
Amancio Ortega and 19 Dutch Street (Getty Images, iStock, 19 Dutch Street)
Zara billionaire to pay $500M for FiDi rental
Zara billionaire to pay $500M for FiDi rental
Industrious co-founder Justin Stewart and 25 Broadway/Cunard Building (LinkedIn, Tdorante10/CC BY-SA 4.0/via Wikimedia)
Industrious partners with Wolfson for 44K sf at Cunard Building
Industrious partners with Wolfson for 44K sf at Cunard Building
55 Broad Street, Metro Loft Management's Nathan Berman, Silverstein Properties' Marty Bulger (Silverstein Properties, Loopnet)
Silverstein, Metro Loft eye resi conversion of 55 Broad Street
Silverstein, Metro Loft eye resi conversion of 55 Broad Street
Brian R. Steinwurtzel and 100 Pearl Street (GFP Real Estate, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Squash club starting a racket at 100 Pearl Street office tower
Squash club starting a racket at 100 Pearl Street office tower
From left: Metro Loft Management founder Nathan Berman, Silverstein Properties chairman Larry Silverstein, and 55 Broad Street (Metro Loft, Silverstein Properties, LoopNet)
Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M
Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M
arrow_forward_ios

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

Loading...