A project in a prime area of the South Bronx is getting new ownership committed to revitalizing the old Post Office with shopping and restaurants.
MHP Real Estate Services’ venture with Miami-based Banyan Street Capital is in contract to buy Bronx Post Place in the high-$70 millions.
The deal was marketed by CBRE’s Bill Shanahan, Darcy Stacom and Elli Klapper. This is both the venture and MHP’s first borough buy.
The 191,701-square-foot five-story building is being renovated with shopping, dining, office space and 40 valet parking spaces by the sellers, Youngwoo & Associates and the Bristol Group.
The historic 1935 building at 558 Grand Concourse occupies the entire block between 149th and 150th streets and is in an Opportunity Zone.
Sources said construction will be completed prior to the closing in the first quarter.
The owners of local restaurant La Marina are already building out the top floor’s rooftop bar and restaurant space as Zona de Cuba.
CoStar data already have MHP as the building contact. Asking rents are in the $40s per square foot.
It’s not surprising that MHP, led by Chairman Norman Sturner and son, President and CEO David Sturner, is turning to the Bronx with an approximately $400-per-square-foot purchase, as its usual Manhattan office stomping ground has few value-add opportunities along with pricing closer to $700 per square foot.
The parties either declined comment or could not be reached.
On Tuesday, MHP Real Estate’s and its Chinese partner, HNA Group, closed on the sale of 850 Third Ave. to Michael and Jacob Chetrit. HNA was forced to sell by the US government because of security concerns over the police precinct in its base, as the Post first reported.
Esther Zar of MHP Real Estate Services sourced the buyers, who we hear paid around $410 million.
