The Real Deal New York

Stagg Group planning 102-unit resi property in the Bronx

It appears the firm has yet to close on the development site at 761 East 233rd Street
By Christian Bautista | December 06, 2018 02:00PM

Mark Stagg and 761 East 233rd Street

Mark Stagg’s Stagg Group is planning a 102-unit housing complex in the Wakefield section of the Bronx.

The firm on Thursday filed permits for a seven-story residential building at 761 East 233rd Street, between Byron and Barnes Avenues. Plans call for a 73,000-square-foot building on a 211-foot-wide lot. Amenities proposed for the property include a storage room, laundry room and a 52-car parking garage. There will also be a ground floor recreation area as required under the city’s Quality Housing Program.

The proposed structure will replace a parking lot. Stagg Group has yet to close on its acquisition of the property, going into contract with a purchase price of $7 million. The current owner is RW Real Estate Group, which bought the building for $5.4 million in 2017. Cushman & Wakefield’s Jonathan Squires, Michael Fioravanti, Addison Berniker and Josh Neustadter brokered the sale on behalf of the seller.

Stagg Group operates in the Bronx and Westchester County. Its Wakefield portfolio includes 668-674 East 226th Street and 3961 Carpenter Avenue.

Mark Stagg previously told The Real Deal that he was drawn to Wakefield because the West Indian community “thrived on home ownership.”

Beyond Wakefield, his company also recently filed permits for a 50-unit residential building at 2317 Cambreleng Avenue in Belmont and a mostly market-rate 68-unit apartment property at 186 St. Georges Crescent in Bedford Park.

A 2015 analysis by TRD found that Stagg was the fifth most active developer in the Bronx, with a portfolio of 14 buildings containing 764 residential units. The firm did not immediately respond to requests for comment.