Alchemy Ventures pays $12.6M to Randal, Zach Gindi for 5-unit mixed-use in Tribeca

Alchemy Ventures through the entity SA 251 Church Owner LLC paid $12.6 million to Randal Gindi and Zach Gindi through the entity 251 Church Street LLC for the five-unit residential elevator building (D5) at 251 Church Street in Tribeca, Manhattan.
The deal closed on August 16, 2024 and was recorded on August 30, 2024. The property has 14,425 square feet of built space and 2,941 square feet of additional air rights for a total buildable of 17,361 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $870 and the price per buildable square foot is $722 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 21, 2012, for $2.7 million, though there was a related sale so it’s unclear what the actual price was. The signatory for Randal Gindi and Zach Gindi was Zach Gindi. The signatory for Alchemy Ventures was Samuel Kooris. The contract date was May 10, 2024. Randal Gindi and Raymond Gindi are second cousins, and their fathers were brothers. Raymond Gindi, of Century 21 and ASG Equities, was the signatory in a December 21, 2012 sale of this property from the Century 21 Gindis to Randal Gindi.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Alchemy Ventures purchased seven properties in six transactions for a total of $56.5 million and sold two properties in two transactions for a total of $7.5 million over the past 24 months.
The seller Randal Gindi had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Charles Cohen, head officer. The business entity is 251 Church Street Llc.

The property

The residential elevator building with 5 residential units in Tribeca has 14,425 square feet of built space and 2,941 square feet of additional air rights for a total buildable of 17,361 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 2,884 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca East Historic District. The city-designated market value for the property in 2022 is $7.1 million. The most recent loan totaled $8.5 million and was provided by Israel Discount Bank on September 26, 2019.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $150 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 21 commercial properties representing 56,699 square feet of the 291,953 square feet. The largest owner is Rex Properties, followed by Randal Gindi and then Asg Equities.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 291,953 square feet of built space are mixed-use buildings, with office buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Randal Gindi owned at least three commercial properties with 23 residential units in New York City with 46,827 square feet and a city-determined market value of $17.6 million. (Market value is typically about 50% of actual value.) The portfolio has $21.8 million in debt, borrowed from New York Community Bank and Israel Discount Bank. Within the portfolio, the bulk, or 86 percent of the 46,827 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Alchemy Ventures owned at least 41 commercial properties with 388 residential units in New York City with 329,845 square feet and a city-determined market value of $79.8 million. (Market value is typically about 50% of actual value.) The portfolio has $49.8 million in debt, with top three lenders as Signature Bank, Citibank, and Greystone & Co. respectively. Within the portfolio, the bulk, or 84 percent of the 329,845 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. The bulk, or 83 percent of the built space, is in Brooklyn, with Manhattan next at 15 percent of the space.

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