BRONX, NY—A 222,637-square foot office condo here has secured a $29 million first mortgage from a local bank. The mortgage covers a commercial condominium interest in a 300,000 square foot building located at 1775 Grand Concourse, which is partly owned by Verizon. Verizon occupies two floors to house their central switching boards for all land lines in the Bronx.
The condo is owned by the families of Sam Jemal of JJ Operating and James J. Houlihan and members of Houlihan-Parnes Realtors.
James J. Houlihan, Bryan Houlihan, and Christie Houlihan of Houlihan-Parnes Realtors secured the 10-year, non-recourse loan, which carries a fixed rate of 2.90%.
The Jemal and Houlihan families have converted the remaining 6 floors to an ancillary indoor parking garage on the first floor, and retail and professional office space on floors four through eight. Current tenants include Bronx Lebanon Hospital, Safe Horizons, Post Graduate Mental Health, and Special Citizens Futures Unlimited.
The borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP and title was acquired by First American Title.
The property was acquired in February 2012 from Verizon. It is the second large successful turnaround project engineered in the Bronx by the Houlihan and Jemal families.
Their first project was the conversion of the vacant former Alexander's/Caldor's department store on the NW 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 re-anchored the Fordham Road and Grand Concourse business area.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
