Stagg Group had planned to build luxury housing in Kingsbridge. Now it’s building a homeless shelter

Former borough prez played a role in the change in direction, report says

TRD New York /
Jul.July 26, 2017 11:35 AM

5731 Broadway in the Bronx (Credit: Google Maps)

A Bronx building that was initially going to be marketed as luxury housing will instead be a homeless shelter for families.

The project is being run by the Stagg Group, and Stagg consultant and former Bronx Borough President Adolfo Carrión played a key role in pulling off the switch, according to the New York Post.

The building, located at 5731 Broadway next to the NYPD’s 50th Precinct, will be seven stories tall and hold 83 units, and Stagg anticipates getting market-rate rents of about $1,800 per month per apartment from the city.

Mayor Bill de Blasio recently proposed dealing with New York’s homelessness crisis by opening 90 additional shelters in the city. The city defended the plan for 5731 Broadway and noted it is phasing out the use of cluster sites and commercial hotels as shelters.

Stagg Group has been one of the most active developers in the Bronx in recent years, with additional projects in the borough planned for 29 Featherbed Lane, 186 St. Georges Crescent and 3469 Cannon Place.

Company CEO Mark Stagg told the Post he changed his mind about the plans for 5731 Broadway after Praxis, the not-for-profit that will run the homeless shelter, approached him a few weeks ago.

“The need is so great for families and children,” he said. [NYP] – Eddie Small


Related Articles

arrow_forward_ios
From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

85 4th Avenue in Brooklyn (Credit: Google Maps)

New details of Boerum Hill’s next big project unveiled

TF Cornerstone president Frederick Elghanayan and 595 Dean Street (Credit: CityRealty, Google Maps)

TF Cornerstone’s Prospect Heights two-tower project unveiled

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Chicago’s top 5 general contractor firms were approved to build over 9 million square feet of new development

The construction giants catching a Windy City windfall

David Marx of MDG Real Estate and the site at 71-05 Parsons Boulevard in Queens (Credit: Google Images and iStock)

Here’s a weird one: David Marx plans towers at Queens site he bought from his own company

Resi scorecard: Brooklyn and Queens condo inventory through June 2019

Resi scorecard: Brooklyn and Queens condo inventory through June 2019

arrow_forward_ios