MHP, Banyan Street Capital purchasing Bronx post office from Youngwoo
Companies will pay a price in the high-$70 millions for it
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