Bronx Post Office sells for nearly $30M less than owners hoped

The long-anticipated sale of the Bronx General Post Office didn’t go as planned for Youngwoo & Associates. Jorge Madruga’s Maddd Equities acquired the landmarked building at 558 Grand Concourse from Youngwoo for $44 million, Crain’s reported. The property takes up an entire block between 149th and 150th streets in Concourse Village. When Youngwoo put the building back on the market last May, the developer was hoping to fetch a mid-$70 million price, according to Avison Young broker James Nelson. Maddd’s purchase fell well short of that. “The Bronx General Post Office is a true gem of the South Bronx and […]This article originally appeared on The Real Deal. Click here to read the full story.