Bronx Post Office Sells for $44M—$26M Below Asking Price
Bronx Post Office Sells for $44M—$26M Below Asking Price
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July 18, 2025 | New York City
The historic Bronx General Post Office has been sold to Maddd Equities for $44 million, well short of the $70M+ price Youngwoo & Associates had aimed for when listing the site last year. The property, located at 558 Grand Concourse, occupies a full block in the Concourse Village neighborhood and has long been seen as a potential anchor for revitalization in the South Bronx.
Youngwoo originally bought the landmarked building for $19 million in 2014 and invested approximately $40 million into partial renovations with the Bristol Group. Despite these efforts, redevelopment plans for a retail and office hub were never completed, and interest from potential buyers—including a pre-pandemic $70M contract—fizzled over time. The building’s only tenants currently include the U.S. Postal Service and popular nightclub Zona de Cuba.
Jorge Madruga of Maddd Equities expressed optimism about the acquisition, calling the post office "a true gem of the South Bronx" and indicating a desire to work with community stakeholders to reimagine the space. Zoned for both commercial and residential use, the building could be redeveloped into a school, apartments, or a medical facility.
Constructed in 1935 and landmarked in 1976, the four-story structure features restored Depression-era murals and spans 173,000 square feet. While specific redevelopment plans have not yet been announced, Madruga's track record—including a 320-unit affordable housing project nearby—suggests a community-focused vision may be on the horizon.
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