Location: Bronx, NY
Property Type: Apartment/Multi-Family
Transaction Type: First Mortgage
Loan Amount: $5,000,000
Details: James Houlihan of Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $5,000,000 second mortgage behind a $20,00,000 first mortgage on 1775 Grand Concourse in the Bronx, NY. The 180,000 s/f office and retail space now has a floating loan at prime + ¾ of 1% for a two-year term.
The mortgage covers a commercial condominium interest in the 300,000 square foot building that shares ownership with Verizon. Verizon owns 2 floors and has the central switching land lines for the Bronx on those floors. The remaining 6 floors have been converted to an ancillary indoor parking garage, retail space facing the Grand Concourse, and professional office space. The building features fully renovated common areas and interior spaces. The office space is extremely attractive due to the high ceilings with oversized windows providing great light and visibility. Current tenants include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc, Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House.
The building is located just north of the Cross Bronx Expressway at East 175th Street. The building is well-serviced by public transportation. There is a subway station on the B&D lines of the NYC transit system at 175th Street, directly in front of the building. There are also bus routes, Bx1 & Bx2, along the 6-lane Grand Concourse, and the #4 elevated train is located three blocks away on Jerome Avenue. 1775 Grand Concourse provides easy access for both the east and west bound Cross Bronx Expressway, and the Major Deegan Expressway. The building compares very favorably with other competing buildings in the Bronx.
The property is owned by Sam Jemal of JJ Operating, Inc. and members of his family together with members of Houlihan-Parnes Realtors, LLC. The property was acquired in February 2012 from Verizon, and is the second large successful turnaround project engineered in the Bronx by the Houlihan and Jemal families. Their initial project was the conversion of the vacant former Alexander’s/Caldor’s department store on the corner of Fordham Road and the Grand Concourse into a multi-tenant retail/office building in 2001-2004. That project has been fully leased since its inception and has been a great success, re-anchoring the Fordham Road and Grand Concourse business area.
More Info: James J. Houlihan at 914-694-6070 or