Maddd Equities Buys Bronx General Post Office Building for $44M

Maddd Equities has acquired the landmarked Bronx General Post Office building in the South Bronx’s Concourse Village for $44 million, according to city records made public Wednesday.

Maddd, through the entity BPO Owner, bought the four-story, 175,000-square-foot property at 558 Grand Concourse from YoungWoo & Associates and Bristol Group, which used the entity Bronx Landmark, records show.

Jorge Madruga, CEO and founder of Maddd, signed for the buyer, while Jeffrey Kott and Todd McLay, Bristol’s managing partner and chief financial officer, signed for the seller, according to records.

“The Bronx General Post Office is a true gem of the South Bronx and fits perfectly with our company’s longstanding commitment to restore and revitalize significant, historic buildings and bring them to life for the benefit of the community,” Madruga said in a statement to Commercial Observer. “We look forward to working with borough stakeholders to put forward an exciting new vision for this historic structure.”

It’s unclear who brokered the deal. Spokespeople for Bristol and Youngwoo did not immediately respond to requests for comment.

Youngwoo and Bristol bought the historic building between East 149th and East 150th streets, once home to a functioning United States Postal Service branch, from USPS in 2014 for $19 million, records show.

The firms hoped to build a food hall along with retail and office space at the property, but the only current tenant on the site seems to be Cuban nightclub Zona de Cuba in 15,000 square feet, Crain’s New York Business reported.

Youngwoo tried to offload the property to MHP Real Estate Services and Banyan Street Capital in 2019 for $70 million, but the deal fell through after Youngwoo failed to get certain paperwork for the building by a specific date, as CO previously reported.

It’s unclear what Maddd intends to do with the former post office, but the developer has been busy recently with redevelopments.

That includes its project to turn the Bronx’s long-vacant Kingsbridge Armory into a new community center, as well as its plans to turn an old East Harlem bank into a new 73-unit residential building at 132 East 125th Street.

Isabelle Durso can be reached at idurso@commercialobserver.com.