CNY Group pays $35.6M for mixed-use in Tribeca, gets $49.5M loan

CNY Group through the entity 143 Franklin Owner LLC paid $35.6 million to Krinos Holdings through the entity Krinos Properties for the mixed-use building (K4) at 143 Franklin Street in Tribeca, Manhattan. The expected use is cash flowing.
The deal closed on December 31, 2024 and was recorded on January 6, 2025. The property has 33,800 square feet of built space and 1,710 square feet of additional air rights for a total buildable of 35,511 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,054 and the price per buildable square foot is $1,003 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 Krinos Holdings was Eric Moscahlaidis. The signatory for CNY Group was Kenneth Colao. The contract date was December 31, 2024.
The purchase was financed with a $49.5 million loan from Urban Standard Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer CNY Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Krinos Holdings had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Tribeca has 33,800 square feet of built space and 1,710 square feet of additional air rights for a total buildable of 35,511 square feet according to a PincusCo analysis of city data. The parcel has frontage of 69 feet and is 101 feet deep with a total lot size of 5,899 square feet. The lot is irregular. 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 $4.1 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 $1,000 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 122672045, for a nine-unit, 33,182 square-foot R-2 building. The project was submitted by Eric Moscahlaidis with plans filed January 29, 2016 and it has not been permitted yet.

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 2.4 times the average sales volume among other neighborhoods with $622.6 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, Tribeca has 2.3 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 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 52,930 square feet of the 187,543 square feet. The two identified owners are Epic and Edison Properties.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 187,543 square feet of built space are mixed-use buildings, with industrial buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Krinos Holdings owned at least two commercial properties with 10 residential units in New York City with 34,578 square feet and a city-determined market value of $18.8 million. (Market value is typically about 50% of actual value.) The portfolio has $19 million in debt, borrowed from Popular Bank. Within the portfolio, the bulk, or 66 percent of the 34,578 square feet of built space are elevator properties, with mixed-use properties next occupying 34 percent of the space. They are all located in Manhattan.

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