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NEW YORK CITY — The eight-story 1175 Grand Concourse building, formerly known as the Verizon Building, has undergone $5 million in capital improvements. The 346,130-square-foot property has shifted from residential to commercial use and includes retail and office spaces. Houlihan-Parnes Realtors LLC and JJ Operating Inc. contributed the equity for the renovations after recently purchasing six of the eight floors. Verizon Wireless, which previously owned the entire building, has retained the two lower floors.