A Tribeca property with deep ties to the Gindi family of Century 21 department store fame has a new owner.
The building, 111 Reade St., a 5-story mixed-use building with five apartments and a retail space containing the Little More restaurant, sold for $9.7 million, according to a deed that appeared in the city register Monday.
The buyer based on public records is Targo Capital Partners, an upstart firm that has focused on boutique mixed-use sites in trendy downtown Manhattan enclaves since its 2020 founding. Targo already owns 110 Reade, a similarly scaled site across the street.
An affluent and extensive real estate family that reopened FiDi’s Century 21 location in May 2023 after a three-year pandemic-fueled hiatus, the Gindis have controlled No. 111 since the mid-1970s, around the time when the building played a role in the pistachio industry, the register shows.
In 2012, after the death of family patriarch and multibillionaire Sonny Gindi, who co-founded Century 21 in 1961 with cousin Al Gindi, the family reorganized ownership of 111 Reade, records show.
Names that appeared on the title after the reshuffling included Isaac Gindi, a son of Sonny, and also Raymond Gindi, a son of Al. But in the transaction that just closed, the seller was Randal Gindi. It was not immediately clear to which branch of the family Randal belongs and his role with its assets, but some media mentions of him include references to ownership of racehorses.
For his part, Isaac Gindi today seems to be the operator of Century 21, while Raymond Gindi serves as the CEO of Gindi Equities, a five-year-old, nationally-focused multifamily investment firm based in the Financial District. Efforts to track down Randal Gindi through Century 21 and Gindi Equities were unsuccessful by press time.
No. 111, which is near West Broadway, served as the location of the Tribeca Playhouse theater in the 1990s before becoming home to the cocktail lounge Ward Three in later years. Little More opened in November.
The last apartment to rent upstairs, meanwhile, was a two-bedroom unit that leased in October for about $10,300 a month, according to StreetEasy.
In September the Gindis and developer Ben Ashkenazy, who had often invested together, finally made peace after a bitter, years-long feud that had both sides suing each other in back-and-forth fashion for allegedly swiping funds from joint projects.
