2501 Grand Concourse, Bronx, NY 10468
July, 2017- Christie L. Houlihan, Bryan J. Houlihan and James J. Houlihan of Houlihan Parnes Realtors, LLC, are pleased to announce the placement of a $52.5 million first mortgage on the property located at 2501 Grand Concourse, Bronx, New York. Upon acquisition in 2001, the owners successfully converted the iconic former Alexander’s/Caldor’s department store on the northwest corner of Fordham Road and the Grand Concourse into a multi-tenanted retail and office building. The property, which had been vacant for several years, has been fully leased since acquisition and anchors the major business area and intersection of Fordham Road and the Grand Concourse.
The loan was placed for a term of 10 years on an interest-only basis. Houlihan Parnes was able to negotiate favorable terms due to the low Loan to Value. The property enjoys a robust and diverse tenant roster. Main tenants include: PC Richard & Son, Marshalls, Children’s Place, Capital One Bank, the City University of New York, the U.S. Social Security Administration and 1199 SEIU Health Care Training and Child Care Center. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP. Title was insured by Chicago Title Insurance Company.
The property is owned by Samuel Jemal of JJ Operating, Inc., and members of the Jemal family, together with James J. Houlihan and members of Houlihan Parnes. The property is one of two large successful gut renovation projects engineered in the Bronx by the Houlihan and Jemal families, who have partnered together on various deals across the New York metropolitan area for three generations.