NYCEDC Announces Krinos Foods Moves International Headquarters to the Bronx
Through a partnership with NYCIDA, the move allows Krinos Foods to remain in NYC and create more jobs for New Yorkers
New York City Economic Development Corporation (NYCEDC) President Maria Torres-Springer and Krinos Foods Chairman Eric Moscahlaidis participated in a ribbon-cutting ceremony to mark the grand opening of a new 100,000-square-foot international headquarters for Krinos Foods, a New York City based Greek and Mediterranean specialty food importer, distributor and manufacturer. The new Krinos Foods facility, located at 1750 Bathgate Avenue, revitalizes a key section of the Bronx Bathgate Industrial Business Zone that had been underutilized for nearly thirty years. As a result of company growth, Krinos Foods outgrew their longtime Long Island City location and invested $25 million into its new, state-of-the-art Bronx operational facility. Through a successful partnership with the New York City Industrial Development Agency (NYCIDA), NYCEDC was able to assist Krinos Foods in its commitment to retain its international headquarters within New York City.
Founded in Tribeca in 1958, and with facilities in New York, Illinois, and California, Krinos Foods has grown to become one of the world’s largest importers, distributors and manufacturers of Mediterranean specialty foods - with 3000 products that service over 5000 customers across North America. After internal expansion and acquisitions, Krinos responded to an RFP issued by NYCEDC in April 2012 seeking to remain headquartered in New York City. It subsequently purchased the Bathgate site from the City for $3.5 million.
In November 2015, Mayor de Blasio announced a comprehensive 10-point Industrial Action Plan to modernize the City’s manufacturing sector and strengthen core industrial business zones. The construction of Krinos Foods’ new headquarters in the Bronx allows a thriving business to remain in New York City, preserve its trained and skilled workforce and continue expanding operations. The company is retaining 85 employees from their Long Island City location. Once the new Bathgate facility is fully operational, Krinos has committed to hiring approximately 15 additional employees through NYCEDC’s HireNYC program and all employees will receive average hourly compensation of $19.75 with benefits.
“NYCEDC is proud to have assisted Krinos Foods in its efforts to remain a dynamic part of the City’s vibrant industrial and diverse manufacturing economy,” said New York City Economic Development Corporation President Maria Torres-Springer. “The opening of this facility serves as a prime example of how the City can partner with private businesses to preserve good paying jobs for New Yorkers while spurring economic growth and opportunity for the community.”
“On behalf of the entire Krinos team, I am thrilled to announce that we have completed and moved into our new state-of-the-art facility. We are grateful to the EDC for their help in finding a suitable location for us to construct our new plant in the Bronx. We founded our company in New York in 1958 and this new plant allows us to continue our commitment to New York City for decades to come,” said Krinos Foods Chairman Eric Moscahlaidis.
“I welcome Krinos Foods to their new home in the Bathgate Industrial Business Zone and offer the services of my office to ensure a smooth transition. Krinos is a welcome addition to the borough and will surely provide an economic boost to the area. I look forward to being a partner as they establish their roots in the Bronx,” said Council Member Ritchie Torres of the Bronx.
To learn more about how businesses can partner with the New York City Industrial Development Agency, visit http://www.nycedc.com/nycida
To learn more about Krinos Foods, visit www.krinos.com.
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.
The New York City Industrial Development Agency is administered by NYCEDC and provides financing assistance to businesses, including small industrial and manufacturing companies. NYCIDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible commercial, industrial, and other qualified entities to finance expansion opportunities. NYCIDA also offers qualified companies abatements on sales, real estate and mortgage taxes. All applicants must satisfy eligibility requirements and demonstrate a need for assistance. Since January 2002, NYCIDA has closed more than 409 transactions, leveraging discretionary incentives to induce more than $22.3 billion in private investment and to retain or create more than 121,800 jobs.
HireNYC is a free program that connects the City's workforce development services to active economic development projects. HireNYC staff members collaborate with real estate developers, NYCEDC, City Agency partners and communities to assess business opportunities and the need for jobs then connect New Yorkers to employment opportunities in their local area. These valuable services help businesses maintain a competitive edge while creating employment opportunities vital for local communities.