TARGO Capital pays $9.7M to RIG Realty for mixed-use in Tribeca

TARGO Capital Partners through the entity 111 Reade Property Owner LLC paid $9.7 million to RIG Realty through the entity Ralphsons-Reade LLC for the four-unit mixed-use building (S4) at 111 Reade Street in Tribeca, Manhattan. The expected use is cash flowing.
The deal closed on May 7, 2025 and was recorded on May 12, 2025. The property has 8,800 square feet of built space and 5,339 square feet of additional air rights for a total buildable of 14,137 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,102 and the price per buildable square foot is $686 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 May 14, 2012, for $4.5 million. The signatory for RIG Realty was Randal Gindi . The signatory for TARGO Capital Partners was David Gleitman . The contract date was January 29, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer TARGO Capital Partners purchased 10 properties in seven transactions for a total of $92.5 million and has no record it sold any properties over the past 24 months.
The seller RIG Realty had not purchased any other properties and had not sold any properties 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 Ralphsons-Reade Llc. The 8,800-square-foot property generated revenue of $347,864 or $40 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 4 residential units in Tribeca has 8,800 square feet of built space and 5,339 square feet of additional air rights for a total buildable of 14,137 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 1,880 square feet. The lot is irregular. The zoning is C6-3A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The property is in the Tribeca South Historic District. The city-designated market value for the property in 2022 is $5.6 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 one DOB violation, $25,655 in ECB penalties, eight housing violations, and $32,690 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 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 1.5 times the average sales volume among other neighborhoods with $394.4 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 2.1 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.5 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 owners of two of the eight commercial properties representing 12,499 square feet of the 124,460 square feet. The two identified owners are Mahmoud Mozaffari and Triumph Hotels.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 124,460 square feet of built space are hotel buildings, with mixed-use buildings next occupying 35 percent of the space.

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.

The buyer

The PincusCo database currently indicates that TARGO Capital Partners owned at least 20 commercial properties with 257 residential units in New York City with 174,069 square feet and a city-determined market value of $96.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 174,069 square feet of built space are walkup properties, with elevator properties next occupying 5 percent of the space. They are all located in Manhattan.

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