The retailer will take ground-floor space on the Grand Concourse side of the building, which was formerly known as the Alexander's building and later the Caldor's building. Terms of the 20-year lease are not being released.
The property is owned by Fordham Associates, a real estate investment group that includes principals Sam, Joe and David Jemal and James J. Houlihan, James G. Houlihan and Howard Parnes. Fordham acquired the property from Vornado in January 2001.
Located on the northwest corner of Fordham Road and The Grand Concourse, the building has undergone extensive renovation over the last 18 months. P.C. Richard joins a tenant roster that includes North Fork Bank, Verizon, A Children's Place and Bally's Fitness.
In addition, Fordham has entered into a 15-year lease for the entire third floor of the building to a joint venture of Local 1199, the Health and Hospital Worker's Union, and the City University's Lehman College Adult Education Dept. Another 10,000 sf on the second floor has been leased to the Children's Law Center and active negotiations are under way for new leases on the second, fourth and fifth floors.
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