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<\/p>\nMore than a month after a landmarked Bronx post office got a new owner, the building will soon have an entirely new use after striking a deal with a community college.<\/p>\n
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\n The landmarked South Bronx post office at 558 Grand Concourse is set to become a new outpost for CUNY’s Hostos Community College.\n <\/p>\n
Hostos Community College, which is part of the City University of New York, has signed a long-term lease worth more than $550M for 558 Grand Concourse, an almost 90-year-old former post office in the South Bronx<\/a>, city officials announced Wednesday.<\/p>\n Prolific Bronx\u00a0developer Maddd Equities<\/a> bought\u00a0the building for\u00a0$44M at the end of July<\/a>\u00a0and now plans to convert it as an expansion for Hostos\u2019 health and natural sciences departments.<\/p>\n \u201cNow we will deliver \u2014 not mail, but we will deliver \u2014 thousands of jobs to Bronxites and other people in this city,\u201d\u00a0New York City\u00a0Mayor\u00a0Eric Adams<\/a> said at\u00a0a press conference Wednesday. \u201cWhy the hell did this post office remain vacant all this time? It would not have remained vacant in central Manhattan, but people wanted to ignore this borough.\u201d\u00a0<\/p>\n CUNY<\/a> struck a deal for a 35-year lease with Maddd Equities, agreeing to pay $15.5M for the first year with annual 3% escalations. The university also has the option to buy the property at a fixed 5% capitalization rate \u201con the next future years\u2019 net operating income\u201d within the first five years of its lease, local news outlet The City reported<\/a>.<\/p>\n The 175K SF building will serve as\u00a0a continued education outpost for nursing students, radiologists, physicians and engineers, CUNY Chancellor F\u00e9lix Matos Rodr\u00edguez said Wednesday.\u00a0<\/p>\n \u201cThis is an investment not just for the students,\u201d he said. \u201cIt’s an investment for our city and in our future health.\u201d<\/p>\n The post office\u2019s exterior was landmarked in 1975, and its interior was landmarked in 2013. It ceased to operate as a post office in 2012 and has remained almost empty ever since.<\/p>\n Youngwoo & Associates bought the property in 2014 for $19M and sunk around $60M into renovations with a partner, real estate investor Bristol Group, hoping to create a food hall, retail and office development. Youngwoo\u00a0put the building back on the market last year with an asking price of $75M, Crain\u2019s New York Business previously reported<\/a>.<\/p>\n But the only tenant now is restaurant Zona de Cuba, which has been there for six years. Zona de Cuba\u2019s lease is set to expire soon, but Hostos plans to keep it as part of the new facility, The City reported.<\/p>\n The deal is the second in the Bronx this year with the city for Maddd Equities, after\u00a0scoring a contract in January<\/a>\u00a0alongside Joy Construction<\/a>\u00a0with the New York City Economic Development Corp<\/a>. to redevelop the Kingsbridge Armory<\/a>. The 570K SF landmark is slated to become housing and community space.\u00a0<\/p>\n