Fashion heir already owns adjacent properties
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.