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MHP Real Estate JV buying Bronx, NY, post office building for more than $70M

MHP Real Estate Services and Banyan Street Capital's joint venture signed a deal to acquire the five-story Bronx Post Place in the Bronx, N.Y., for a price "in the high-$70 millions," marking the partnership's first acquisition in the borough, the New York Post reported.

The sellers, along with Youngwoo & Associates LLC and the Bristol Group, are renovating the 191,701-square-foot property at 558 Grand Concourse to add shopping, dining, office and 40 valet parking spaces, with completion slated before the first quarter closing of the deal, the Jan. 8 report added, citing unnamed sources.

CBRE was tapped to market the property, according to the report.

The parties involved in the deal declined to comment or could not be reached, the publication added.