Stagg Group borrows $12M from Sterling National Bank for new construction in University Heights

The Stagg Group through the entity 2724 Heath Ave LLC as borrower signed a construction loan agreement with lender Sterling National Bank valued at $11.7 million for 1 parcel, including the tax class licensed parking lot (G6) at 2724 Heath Avenue in University Heights. The deal closed on January 24, 2020 and was recorded on February 12, 2020.

The last time the property sold was April 22, 2019, for $2,700,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 41,784 square feet. Those plans include a total of 64 residential units.
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