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Stagg Group purchases development site

Bronx Times
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A corner development site in the west Bronx has been sold.

On Wednesday, March 18, Cushman & Wakefield, formerly known as Massey Knakal, announced that the site is approximately 19,811 square feet, located at 150 Van Cortlandt Avenue East near St. George’s Crescent, was sold in an all-cash transaction for $6.8 million.

The property was purchased by Westchester-based developer Stagg Group, who are reportedly planning to build a residential building with 259 units.

About half of these units will be reserved for low-income residents whose income is below 57% of the area median income, which will create a Low Income Housing Tax Credit for the building’s new owner.

There will also be 20,000 square feet of parking is proposed. A green roof, encouraging environmental growth, has also been proposed.

This site offers approximately 142,639 buildable square feet, with the price of the sale equating to about $48 per buildable square foot. The site, currently an operating service station, was once a gasoline station. All underground gasoline tanks were removed in February 1997.

The property has also previously underwent both phases of environmental assessments and remediation.

The site is also located within a close proximity to main thoroughfares in the west Bronx, such as Mosholu Parkway and Grand Concourse, and is walking distance to Van Cortlandt Park, the Mosholu Parkway Greenway, Lehman College, Bronx High School of Science and DeWitt Clinton High School.

The property is also near public transportation as well - located just six blocks from the 4 and D trains at the Bedford Park station. The area is also serviced by several express and local bus lines.

“This site has it all - location, scale and great access to parks and transporta­tion,” said Karl Brumback, Cushman & Wakefield’s executive director, who exclussively handled the transaction. “The Bronx development market continues to strengthen as market-rate developers take a close look at the borough while land values elsewhere are triple the cost.”

Reach Reporter Steven Goodstein at (718) 742–3384. E-mail him at sgoodstein@cnglocal.com.
Updated 4:59 pm, July 9, 2018
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