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Young Woo & Associates Pays $19M for Bronx Post Office

The sale of the Bronx General Post Office hit public records on Friday, revealing that Young Woo & Associates paid $19 million for the landmarked building, which they probably plan to turn into some sort of Chelsea Market-esque complex. Reporting the sale earlier this month, the Daily News said that the historic post office was valued at $14 million by Property Shark, however, it is not clear when that assessment was made, so it's difficult to say what the true market value of the building may have been. (There have been some accusations of impropriety on the part of the Postal Service's broker, CBRE, which apparently counts Young Woo among its clients.) Regardless the $19 million should help with the budget shortfall that led the USPS to close 17 Bronx post offices in 2012.
· Young Woo & Associates Buys Bronx General Post Office [Curbed]
· EXCLUSIVE: Developer Youngwoo & Associates buys historic Bronx General Post Office building [NYDN]
· CBRE arranges sale of Bronx GPO to one of its clients [Save the Post Office]