Stagg Group borrows $13.7M to buy property in Morrisania

Stagg Group through the entity Whitlock Point LLC as borrower signed a loan agreement with lender New York City Acquisition Fund LLC valued at $13.7 million for 2 parcels, including the tax class one-story, fireproof or semi-fireproof, garage (G2) at 1125 Whitlock Avenue, 1156 East 165th Street in Morrisania. The deal closed on August 31, 2020 and was recorded on September 14, 2020.
The property has 239,355 square feet of available development rights.
The average loan per buildable square foot is $53.
This is an acquisition loan. The borrower signatory is Mark Stagg.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 210,282 square feet. Those plans include a total of 243 residential units. There have been 5 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link