Houlihan of Houlihan-Parnes/iCap completes $1.9 million retail property

Jerry Houlihan Houlihan-Parnes/iCap Realty Advisors, LLC has arranged the sale of a one-story brick retail building located at 2262 Jerome Ave. for $1.9 million. The building is situated at the corner of 183rd Street and Jerome Ave. The #4 subway station at 183rd St. is in front of the building. Owned and managed by subsidiaries of Houlihan-Parnes since 1998, the building is leased to A&P under a 45-year lease and is due to expire in July 2015. The purchasers, who are local grocers based in Manhattan and locally, are subleasing the grocery store from A&P and operate under the "Pioneer" supermarket flag. Their supermarket contains 8,300 s/f of selling space and a full basement used for dry and refrigerator storage. In a second recent transaction, Houlihan arranged the sale of a three-story, 70,000 s/f office building in the Wakefield neighborhood, near the Mount Vernon border. Formerly owned by Verizon Wireless, the property is located at 4770 White Plains Rd., close to the Wakefield train station of the Metro-North Harlem line to midtown Manhattan and three blocks away from the #2 & #5 subway stops at 241st St. The property is situated on a one-acre lot with 200 ft. of frontage on White Plains Rd. at the easterly blockfront between Penfield St. and East 242nd St. It is improved with a three-story steel and reinforced concrete constructed office building containing three floors of approximately 23,000 s/f each and a basement of 2,100 s/f. The first floor contains a loading dock and a parking garage with available space for about 40 cars as well as a freight elevator accessing the first and second floors in addition to office space. The second and third floors are exclusively office space. The property is zoned R5/R6A with a C2-2 overlay allowing residential, commercial and community use. The commercial uses are to the commercial overlay including offices, grocery stores and other retail serving local residential needs. The property was sold to a Brooklyn-based investor and was delivered vacant. Houlihan-Parnes/iCap Realty Advisors, LLC is a nationally affiliated, multi-faceted real estate investment company headquartered in White Plains. Its companies and affiliates are engaged in the acquisition and ownership of all types of commercial real estate investment property in the continental U.S.