Krinos Foods signs $26.2M refi with Frost Bank for headquarters in Morrisania

Krinos Foods through the entity 1734 Bathgate Ave LLC as borrower signed a refi loan with lender Frost Bank valued at $26.2 million for the industrial building (E1) at 1750 Bathgate Avenue in Morrisania, Bronx.
The deal closed on August 15, 2023 and was recorded on August 28, 2023. The prior lenders were TD Bank and Webster Bank which held debt that had an original loan amount of approximately $20 million.
The property has 94,697 square feet of built space and 122,672 square feet of additional air rights for a total buildable of 217,120 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $276 and the price per buildable square foot is $120 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 owner bought the property on May 2, 2013, for $3.5 million. The signatory for Krinos Foods was Eric Moscahlaidis. The signatory for Frost Bank was James Seblonka.

The property

The industrial building in Morrisania has 94,697 square feet of built space and 122,672 square feet of additional air rights for a total buildable of 217,120 square feet according to a PincusCo analysis of city data. The parcel has frontage of 444 feet and is 235 feet deep with a total lot size of 108,560 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $9 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 19, 2016. 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 Morrisania, The majority, or 52 percent of the 25.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Morrisania has had very little sales volume relative to other neighborhoods with $246.7 million in sales volume in the last two years. For development, Morrisania has had very little major development activity relative to other neighborhoods.It had 365,906 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

All properties are industrial.

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