New Aim Realty pays $10.2M for bankrupt 7-unit FiDi rental

New Aim Realty, led by Casey Lloyd and Ira Lifshutz, through the entity Bernart Capital LLC paid $10.2 million through a bankruptcy for the seven-unit residential elevator building (D5) at 90 Nassau Street in Financial District, Manhattan. The expected use is cash flowing. The former owner was to RIG Realty through the entity 90 Nassau Street LLC, which lost the property following bankruptcy filings in US Bankruptcy Court Eastern District No. 25-40464-NHL and No. 25-41126-NHL.
The deal closed on August 7, 2025 and was recorded on August 14, 2025. The property has 12,560 square feet of built space and 3,379 square feet of additional air rights for a total buildable of 15,940 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $816 and the price per buildable square foot is $643 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 bankruptcy court was attorney Kevin Nash . The signatory for New Aim Realty was Casey Lloyd. The contract date was June 2, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer New Aim Realty 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 two properties in two transactions for a total of $18.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Charles Cohen, head officer and Isaac Ades, site manager. The business entity is Zrg Inc. The 12,560-square-foot property generated revenue of $849,307 or $68 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 7 residential units in Financial District has 12,560 square feet of built space and 3,379 square feet of additional air rights for a total buildable of 15,940 square feet according to a PincusCo analysis of city data. The parcel has frontage of 31 feet and is 51 feet deep with a total lot size of 1,594 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 $4.7 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 two DOB violations, $25,500 in ECB penalties, and $31,440 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 10 commercial properties representing 530,101 square feet of the 1,125,681 square feet. The largest owner is Pontegadea, followed by Metro Loft Management and then Rig Realty.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 1.1 million square feet of built space are elevator buildings, with office buildings next occupying 45 percent of the space.

The seller

The PincusCo database currently indicates that Rig Realty owned at least one commercial property with seven residential units in New York City with 12,560 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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