MHP, Banyan Street Capital purchasing Bronx post office from Youngwoo

Companies will pay a price in the high-$70 millions for it

New York /
Jan.January 09, 2019 11:30 AM

Bronx General Post Office at 558 Grand Concourse in the Bronx (Credit: Wikimedia)

MHP Real Estate Services and Banyan Street Capital are buying the Bronx General Post Office for a price in the high $70 millions.

The new owners will continue the plan of revitalizing the building at 558 Grand Concourse, located between 149th and 150th streets, with shopping and restaurant space, according to the New York Post. They are purchasing the property from Youngwoo & Associates and the Bristol Group.

The building is located in an Opportunity Zone, and construction is likely to be finished before the closing in the first quarter. Asking rents for space in the building are in the $40s per square foot.

MHP, led by chair Norman Sturner, sold a stake in the company in April for an undisclosed figure to Banyan Street Capital last year to form a joint venture. The Bronx deal marks the JV’s first transaction. [NYP] – Eddie Small


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
General Assembly's CEO Lisa Lewin (General Assembly)
General Assembly renews 40K sf lease in Flatiron District
General Assembly renews 40K sf lease in Flatiron District
Doctors and medical professionals have remained on time with their rent payments in the past year (iStock)
Medical offices are just what the doctor ordered for landlords
Medical offices are just what the doctor ordered for landlords
A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
RXR makes $220M apartment bet in Brooklyn
RXR makes $220M apartment bet in Brooklyn
Thor Equities Group Chairman Joseph J. Sitt. (Thor)
Thor facing foreclosure on Harlem rental building
Thor facing foreclosure on Harlem rental building
Photo illustration of Vornado CEO Steven Roth and Hotel Pennsylvania at 401 Seventh Avenue (Getty, iStock, Vornado)
“Inevitable”: Vornado will demolish Hotel Pennsylvania
“Inevitable”: Vornado will demolish Hotel Pennsylvania
arrow_forward_ios

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

Loading...