Criterion Group signs $10.2M refi for two industrial properties in Bronx

Criterion Group through the entity 4855 Baldwin Street Industrial LLC as borrower signed a refi loan with lender New York Community Bank valued at $10.2 million for two industrial properties including the midblock industrial building at 4855 Baldwin Street in Bronx and midblock industrial building at 4616 Bradley Street in Bronx.
The deal closed on June 1, 2022 and was recorded on June 16, 2022. The prior lender was Columbia Pacific Advisors which held debt that had an original loan amount of $12.1 million. The two properties have 29,330 square feet of built space and 6,298 square feet of additional air rights for a total buildable of 35,644 square feet according to PincusCo analysis of city data. The loan price per built square foot is $347 and the price per buildable square foot is $286 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 Criterion Group was Yung Ching Siu. The signatory for New York Community Bank was James C. Ricca. Yung Ching Siu is a principal of Criterion Group. 

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 4855 Baldwin Street.

Prior sales and revenue

Out of the two properties, one with a total of 29,330 square feet of built space generated revenue of $564,034 per year.

The property

The 4855 Baldwin Street parcel has frontage of 317 feet and is 110 feet deep with a total lot size of 30,750 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.3 million.The most recent loan totaled $12.1 million and was provided by Columbia Pacific Advisors on November 9, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received four DOB violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received an initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 4855 Baldwin Street, PincusCo has identified the owners of four of the 11 commercial properties representing 67,314 square feet of the 87,814 square feet. The two identified owners are Realterm and Yung Ching Siu. There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 87,814 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Criterion Group owned at least three commercial properties with 262,751 square feet and a city-determined market value of $13.1 million. (Market value is typically about 50% of actual value.) The portfolio has $54 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 100 percent of the 262,751 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. The bulk, or 95 percent of the built space, is in Queens, with Bronx next at 5 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 4855 Baldwin Street that occurred over the past 24 months.

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