Youngwoo picks up landmarked Bronx post office

Activists and lawmakers opposed sale of historic property; retail complex planned for site

New York /
Sep.September 04, 2014 09:00 AM

It’s official: The Bronx General Post Office is off the market. Developer Youngwoo & Associates is buying the property.

The landmarked 175,000-square-foot building — located at 558 Grand Concourse at East 149th Street — has been on the market since January. The developer expressed interest in the site in February, saying it would turn the building into a retail complex with a marketplace.

It’s unclear how much the Manhattan-based developer paid for the building, but the property’s value has been estimated at $14 million, the New York Daily News reported.

The four-story building was built in 1935 and became a landmark in 1976, according to the Daily News. Residents, activists and lawmakers tried to prevent the sale. Inside the building, the lobby contains 13 original Depression-era murals.

According to the newspaper, the U.S. Postal Service will keep a retail presence at the site and will be responsible for the preservation of the murals. [NYDN] — Claire Moses


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
Maddd Equities, Joy Construction score $64M for massive Bronx project
Maddd Equities, Joy Construction score $64M for massive Bronx project
CenterPoint CEO Bob Chapman and the distribution center on Leggett Avenue. (JLL, CenterPoint)
Bronx distribution center sells for $117M
Bronx distribution center sells for $117M
1959 Jerome Avenue, 133-33 Brookville Boulevard and 407 Park Avenue. (Google Maps)
Office deals top last week’s mid-market i-sales
Office deals top last week’s mid-market i-sales
Innovo Property Group CEO Andrew Chung and 1110 Oak Point Avenue 1110 Oak Point Avenue. (New York Expo Center, Innovo)
Innovo Property Group aims to raise $140M for Bronx industrial site
Innovo Property Group aims to raise $140M for Bronx industrial site
G&M Realty's David Wolkoff (Getty, 5Pointz LIC)
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
132-05 Avery Avenue, 902 55th Street in Borough Park and 750 Grand Concourse. (Google Maps)
Three landlords slapped with six-figure fines for carving up buildings
Three landlords slapped with six-figure fines for carving up buildings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...