1775 Grand Concourse Bronx, NY
James J. Houlihan, Bryan Houlihan, and Christie Houlihan of Houlihan-Parnes Realtors are pleased to announce the placement of a $29,000,000 first mortgage on the 222,637 s.f. office condominium at 1775 Grand Concourse in the Bronx, New York. The 10-year, non-recourse loan closed with a local bank at a fixed rate of 2.90%. The mortgage covers a commercial condominium interest in the 300,000 square foot building that shares ownership with Verizon. Verizon uses their 2 floors to house their central switching boards for all land lines in the Bronx. The borrower has 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.