Gindi family’s ASG Equities obtains $31.9M in new debt at retail in Financial District

The Gindi family’s ASG Equities through the entity Blue Millennium Realty LLC as borrower signed a initial loan with lender Bank of America valued at $31.9 million for the retail building (K3) at 19-25 Church Street in Financial District, Manhattan.
The deal closed on May 11, 2023 and was recorded on May 16, 2023. The property has 49,109 square feet of built space and 74,518 square feet of additional air rights for a total buildable of 123,580 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $649 and the price per buildable square foot is $258 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 signatory for ASG Equities was Raymond A. Gindi. The Gindi family through their retail store Century 21 bought the property in 1993 for $4.82 million. There was no prior debt on the property.

Prior sales and revenue

The 49,109-square-foot property generated revenue of $3.4 million or $69 per square foot, according to the most recent income and expense figures.

The property

The retail building in Financial District has 49,109 square feet of built space and 74,518 square feet of additional air rights for a total buildable of 123,580 square feet according to a PincusCo analysis of city data. The parcel has frontage of 214 feet and is 63 feet deep with a total lot size of 12,358 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $15.3 million.

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 four DOB violations 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 neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 3rd highest sale turnover among other neighborhoods in the city with $3 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 9.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 51,709 square feet of the 786,707 square feet. The identified owner is Isaac A. Gindi.
On the tax block, there was one new building construction project filed totaling 200,035 square feet. It is a 209-unit, 200,035 square-foot residential (R-2) building submitted by SL Green Realty and filed by Roger Merriman with plans filed July 27, 2018 and permitted February 19, 2020.

The majority, or 82 percent of the 786,707 square feet of built space are office buildings, with retail buildings next occupying 10 percent of the space.

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