Yung Ching Siu signs $18.7M refi with Axos Bank for industrial in Mt. Vernon

Yung Ching Siu through the entity 4855 Baldwin Street Industrial LLC as borrower signed a loan with lender Axos Bank valued at $18.7 million for the industrial building (E9) at 4855 Baldwin Street in Mt. Vernon, the Bronx.
The deal closed on June 30, 2023 and was recorded on August 14, 2023. The property has 28,910 square feet of built space and 1,845 square feet of additional air rights for a total buildable of 30,750 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $646 and the price per buildable square foot is $607 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 November 9, 2021, for $7.2 million.

Prior sales and revenue

The 28,910-square-foot property generated revenue of $564,034 or $20 per square foot, according to the most recent income and expense figures.

The property

The 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 $2.7 million. The most recent loan totaled $10.2 million and was provided by New York Community Bank on June 1, 2022.

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 in the last year.


For the tax lot building, it received its initial certificate of occupancy on July 22, 2019. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, 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 Criterion Group and Realterm.
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.

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