CNY Group Buys Tribeca Property for $36M With Plans to Build Luxury Condo

CNY Group has acquired a six-story building in Tribeca that it plans to convert into an ultra-luxury condominium.

CNY Group, through the entity 143 Franklin Owner, bought the property at 143 Franklin Street from Krinos Foods, which used the entity Krinos Properties, for $35.6 million, according to city records made public Monday.

Kenneth Colao, CEO of CNY Group, signed for the buyer, while Krinos’ Eric Moscahlaidis signed for the seller, records show.

It’s unclear who brokered the deal. Spokespeople for CNY Group and Krinos did not immediately respond to requests for comment.

The sale comes after CNY Group secured $49.5 million in construction financing to build a nearly 30,000-square-foot, 10-unit luxury condo at the property, as Commercial Observer reported Friday.

Urban Standard Capital provided the financing for the project, which will be developed by Colao and his brother Steve Colao, CO reported. Construction is expected to take two years.

“We were immediately drawn to this opportunity not only because of the incredible location but also due to Ken Colao’s impeccable reputation and history of executing world-class developments,” Robert Levine, a vice president of Urban Standard Capital, previously told CO.

CNY Group has also led construction on other projects in New York City, including The Woolworth Tower Residences, 64 University Place and 21 East 12th Street.

Current tenants of the building between Hudson and Varick streets are locksmith Anytime Locksmith and the medical office of Dr. Franklin Tripp. It’s unclear whether the tenants will be moving out under CNY Group’s new ownership.

Isabelle Durso can be reached at idurso@commercialobserver.com.