THE BRONX—Houlihan-Parnes Realtors LLC and JJ Operating Corp. have made the joint acquisition of a 300,000-sq.-ft. building located at 1775 Grand Concourse in the Bronx. 220,000 sq. ft. will be available for lease and Verizon will occupy two levels totaling 80,000 sq. ft. for their central switching gear.
The building has recently been rezoned and approved for parking on the lower level, for retail and office use on the 4th level(which is at street grade to the Grand Concourse) and for office uses on floors five through eight. The floors feature 40,000-sq.-ft. floor plates and are ideal for large users. The partners plan to spend $5 million in building renovations, which will include new lobby elevators, retail fronts, indoor parking garage and new building HVAC.
James Houlihan, Sam Jemal and their partners acquired a similar building 12 years ago at Fordham Road and the Grand Concourse. The former Alexander's department store was converted into a multi-tenant retail and office building which has been 100% leased since inception.