Over $41 Million in Profit for Mail Carriers Union in Design District Sale
Jan 12, 2016 January 12, 2016
Way back in 1963, the mail carriers union purchased a plot of land in the Buena Vista neighborhood for $130,000. That plot has recently sold for, well...quite a bit more than that.
The union purchased the property for $130,000 and invested $80,000 in renovations. They later leased the building to the U.S. Postal Service as a post office. The lease continued for over 50 years and then changed a few hands until the land went up for sale again just recently.
The almost 44,000 square-foot property at 66 Northeast 39th Street sold on December 8th, 2015 for $43.2 million to New York real estate development company, Thor Equities.
“Since the whole Design District is changing now, the value moved up so much that it was a once-in-a-lifetime opportunity for our members...that we could sell this building,” said Mark Travers, president of the board of directors of the union’s legal entity, Tropical Letter Carriers Holding Corporation, “Now we want to find a new home, get a decent amount of property, have nice accommodations for our members and have the funds to maintain it forever.”
Thor Equities mainly deals in retail, office, hotel, and residential space and is planning on expanding their New York portfolio in Miami.
Photo credit: miamiherald.com