Gregory Spatz pays $8.5M for mixed-use in Tribeca that RIG Realty lost in bankruptcy

Gregory Spatz through the entity 385 Blank Page LLC paid $8.5 million through a bankruptcy sale for the three-unit mixed-use building (S9) at 385 Greenwich Street in Tribeca, Manhattan. The former owner was Randal Gindi and Zachary Gindi’s RIG Realty through the entity 385 Greenwich Street LLC.
The deal closed on July 25, 2025 and was recorded on August 6, 2025. The property has 6,211 square feet of built space and 4,267 square feet of additional air rights for a total buildable of 10,486 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,368 and the price per buildable square foot is $810 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 the bankrupt entity owned by RIG Realty was attorney Kevin Nash. The signatory for Gregory Spatz was Gregory Spatz. The contract date was March 1, 2024. The case was in the Eastern District U.S. Bankruptcy Court, No. 25-41127-NHL.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gregory Spatz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller RIG Realty had not purchased any other properties and sold one property in one transaction for a total of $9.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Aizer, head officer and Randal Gindi, shareholder. The business entity is Zrg Inc. The 6,211-square-foot property generated revenue of $245,521 or $40 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 3 residential units in Tribeca has 6,211 square feet of built space and 4,267 square feet of additional air rights for a total buildable of 10,486 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 69 feet deep with a total lot size of 1,742 square feet. 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 West Historic District. The city-designated market value for the property in 2022 is $4.2 million. The most recent loan totaled $17 million and was provided by Ladder Capital on November 5, 2021.

Violations and lawsuits

The property was involved in one lawsuit and two bankruptcies over the past two years. The suit was a $5.6 million money judgment concerning a loan filed on March 4, 2025, by Ladder Capital against RIG Realty, Zachary Gindi, and Randal Gindi. The highest value bankruptcy was filed on January 29, 2025, by RIG Realty, Zachary Gindi, and Randal Gindi citing assets of $17 million. In addition, according to city public data, the property has received $300 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 5, 2016. 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 Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.7 times the average sales volume among other neighborhoods with $456.2 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 1.7 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 6,211 square feet on the block.The identified owner is RIG Realty.
There are no active new building construction projects on this tax block.

All properties are mixed-use.

The seller

The PincusCo database currently indicates that Rig Realty owned at least two commercial properties with 10 residential units in New York City with 18,771 square feet and a city-determined market value of $9.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 67 percent of the 18,771 square feet of built space are elevator properties, with mixed-use properties next occupying 33 percent of the space. They are all located in Manhattan.

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