Jeremiah A. Houlihan and James K. Coleman of Houlihan-Parnes Properties (“HPP”) have arranged the refinancing of a commercial condominium containing 10,000 square feet of stores/offices with over 300 feet of retail frontage on the first floor of a six-story elevator apartment building located at 1018 East 163rd St.
NYC’s revitalization recently installed sidewalks, streets, public bus kiosks and subway platform entrances nearby; the Bruckner Expressway is completing its decade-old redevelopment. The property boasts new storefronts and building-wide capital improvements.
HPP arranged a first mortgage loan of $2.85 million from a local bank at a market interest rate fixed for five years on 25-year amortization schedule, with rate adjust for additional 5 years. HPP has manages the property since it was acquired in September 2021.
