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New York

Raymond Gindi adds to FiDi holdings with $38M buy

Fashion heir already owns adjacent properties

Raymond Gindi and 173 Broadway
Raymond Gindi and 173 Broadway

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.

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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.

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Raymond Gindi
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Century 21Financial District