Gindi family’s Century 21 pays $14.25M to Aldrich Stores for Bay Ridge retail
The Gindi family’s Century 21 paid $14.25 million to the Aldrich Stores for Bay Ridge retail in two separate transactions.
In the first, Century 21 Inc. paid the Aldrich Stores Corp. $9.5 million for 460 86th Street in Bay Ridge. The deal closed on November 13, 2020, and was recorded on November 30, 2020. The transaction consists of 1 parcel, including the tax class multi-story department store (K3). The property is 12,000 square feet. The parcel(s) have total development potential of 12,000 square feet.
The average sale price per square foot is $796.
With these transactions, the Gindi family added to its substantial holdings along 86th Street with two purchases totaling $14.25 million from the Albrecht family’s Aldrich Stores. The Gindis own at least eight other parcels on the block between 4th Avenue and 5th Avenue. Century 21 has been a tenant in the two parcels since Sam Gindi signed leases in 1983 and 1984. The contract date was November 13, 2020, the same as the closing date. The signatory for the seller was Stuart Albrecht. The seller provided a $5.75 million purchase money loan for the two parcels.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $63,000.
Direct link to Acris document. link
In the second transaction, Century 21 Inc. paid Aldrich Stores’s 448-86th Street Realty Corp. $4.7 million for 448 86th Street in Bay Ridge. The deal closed on November 13, 2020, and was recorded on November 30, 2020. The transaction consists of 1 parcel, including the tax class multi-story department store (K3). The property is 4,000 square feet. The parcel(s) have total development potential of 4,000 square feet.
The average sale price per square foot is $1,176.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $63,000.
Direct link to Acris document. link