CRONHEIM MORTGAGE ARRANGES $8,940,000
FOR MIXED-USE CENTER IN CO-OP CITY, NY
Co-Op City,
NY –
Andrew Stewart and
Dev Morris
of David Cronheim Mortgage Corporation have secured financing of
$8,940,000 for 755 Co-Op City Boulevard, a 37,911 square foot retail and
office center in the Bronx. The loan was placed for a 10-year term. 
The subject property is a 37,911 office building, with an additional 37,089 square feet of below-ground storage space. The College of New Rochelle occupies 32,611 square feet, or 86% of office space in the subject, on a long tem lease and has occupied their space since the property was renovated in 1996. Currently, the College of New Rochelle also leases some below-ground storage space. The second tenant, Municipal Credit Union, occupies 5,300 square feet of office space, 7,000 square feet of below-ground storage, and maintains three drive-through ATMs in the parking field. The property is adjacent to a Super Stop & Shop and Rite-Aid anchored shopping center and was purchased and redeveloped by the owners in 1993.
The subject property is located along Co-Op City Boulevard in Co-Op City, New York, less than ½ mile driving distance east of Exit 13 off I-95/New England Throughway. Several of the Co-Op City high-rise residential buildings are within walking distance. In addition, the Subject is well served by several forms of mass transit, including train stations at Baychester Avenue and Dyre Avenue, within .7 miles of the subject.
