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Owner of large Bronx building gets $52M refi
Firm got the funds from Bank of America for 2501 Grand Concourse
JJ Operating has refinanced their large four-story retail building on Grand Concourse with $52.5 million from Bank of America.
The money includes a new loan of $6 million and consolidates the remainder of a $50 million 2011 loan from Capital One for JJ’s building at 2501 Grand Concourse, according to property records.
JJ Operating bought the property in 2001 from Vornado Realty Trust. It spans 264,720 square feet and is also known as Two Fordham Square.
The building is home to a wide variety of tenants, including Marshalls, P.C. Richard and Son, an ACS Borough Office and an 1199 SEIU Employment Center.
JJ Operating paid $14.5 million for the former Flushing Savings Bank in Brooklyn Heights at 186 Montague Street in 2015, and the company sold its 36,000-square-foot property at 633 Fulton Street in May to Rabsky Group for $68 million. The sale was one of the biggest deals of the second quarter in Brooklyn.
Other recent Bronx developments include Procida Companies’ plans for an affordable housing complex with a basketball court at 1761 Walton Avenue and the Bridge’s plan for an affordable and supportive housing building at 3500 Park Avenue.