While Gov. Hochul vowed to provide funding to adequately finance MTA projects, at press time no firm plans have been released.
According to the FBI’s 2023 Internet Crime Complaint Center Report, there were more than 101,068 complaints filed by individuals over 60 years old resulting in more than $3.4 billion in losses in 2023.
A well-known business leader, Weale was perhaps best known for co-founding Country Bank in Carmel and later serving as President and CEO of the Putnam County Economic Development Corp. for 13 years.
A large office condominium on the Grand Concourse in the Bronx that has been turned around by a partnership of Sam Jemal of JJ Operating, Inc. of New York City and members of his family together with James J. Houlihan and members of Houlihan-Parnes Realtors, LLC of White Plains, secured a $29-million first mortgage on the property.
The 300,000-square-foot office condominium is located at 1755 Grand Concourse and is also partly owned by Verizon, which uses two floors to house its central switching boards for all land lines in the Bronx.
James J. Houlihan, Bryan Houlihan, and Christie Houlihan of Houlihan-Parnes Realtors placed the $29-million first mortgage on the 222,637-square-foot office condominium at the property. The 10-year, non-recourse loan closed with a local bank at a fixed rate of 2.90%.
The borrower has converted the remaining six 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 and is the second large successful turnaround project engineered in the Bronx by the Houlihan and Jemal families.
The initial project by the Jemal-Houlihan partnership was the successful conversion of the vacant former Alexander’s/Caldor’s department store on the northwest 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 been a great success, re-anchoring the Fordham Road and Grand Concourse business area.
Houlihan-Parnes Realtors, LLC is a privately owned, vertically integrated commercial real estate investment and management firm that owns approximately 6 million square feet of office, retail and industrial space. The firm also owns and/or manages approximately 15,000 multifamily units.
While Gov. Hochul vowed to provide funding to adequately finance MTA projects, at press time no firm plans have been released.
A well-known business leader, Weale was perhaps best known for co-founding Country Bank in Carmel and later serving as President and CEO of the Putnam County Economic Development Corp. for 13 years.
Existing-home sales in the Northeast in June withdrew 2.1% from May to an annual rate of 470,000, a decline of 6% from June 2023.
One requirement of the law mandating the use of written contracts for compensation will impact NYS brokers significantly.
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