In October, Welcome2TheBronx broke the story that the Bronx General Post Office was up for sale again, now, it has been confirmed that the beloved landmark building is under contract for sale in the high $70 millions.
It’s been less than 5 years since YoungWoo and Associates purchased the property from the United States Postal Service for $19 million yet they were able to fetch a hefty profit in sales price at almost 4x the original purchase price.
It has also been confirmed that the owners of Inwood’s popular La Marina are currently building out the rooftop bar and restaurant at the Bronx General Post office which will be known as Zona de Cuba.
The New York Post also confirmed that construction and conversion of the old Bronx General Post Office will be complete by the end of the first quarter this year before the closing of the sale.
Once complete, this will be yet another record setting property in Melrose which was recently listed as one of NYC’s hottest neighborhoods.
Gentrification is showing no signs of slowing down. Question now is, will this be sustainable for developers?