Stagg Group files plans for 251-unit rental in Longwood

Stagg Group through the entity Ryty Home Builders, LLC submitted a new building construction project for a 251-unit, 205,098 square-foot residential (R-2) building at 1051 Whitlock Avenue in Longwood, Bronx. The plan was filed with the New York City Department of Buildings on January 31, 2024 under job number X00992202. It calls for the construction of a 14-story building. The project is described in the filing as: construction of a new 14-story mixed use building. The architect is Newman Design Architects PLLC.

The property

The parcel has frontage of 162 feet and is 171 feet deep with a total lot size of 27,251 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million. The most recent loan totaled $13.7 million and was provided by New York City Acquisition Fund LLC on August 31, 2020.

Prior sales and revenue

This property was sold for $3.7 million on June 15, 2017.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Longwood, The bulk, or 44 percent of the 22.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Longwood has near average sales volume among other neighborhoods with $137 million in sales volume in the last two years and is the 8th highest in Bronx. For development, Longwood has near average amount of major developments among other neighborhoods and is the 3rd highest in Bronx. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the seven commercial properties representing 213,678 square feet of the 213,678 square feet. The largest owner is Kraus Organization, followed by New York City Housing Authority and then Shaya Seidenfeld. On the tax block, there were two new building construction projects totaling 418,135 square feet. The largest is a 243-unit, 213,037 square-foot residential (R-2) building submitted by Eli Davidowitz with plans filed September 6, 2017 and permitted July 5, 2023. The second largest is a 251-unit, 205,098 square-foot residential (R-2) building submitted by Mark Stagg with plans filed January 31, 2024 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Stagg Group owned at least 168 commercial properties with 3,492 residential units in New York City with 2,461,318 square feet and a city-determined market value of $343.3 million. (Market value is typically about 50% of actual value.) The portfolio has $750.8 million in debt, with top three lenders as Berkadia Commercial Mortgage, NYC Housing Development Corporation, and Valley National Bank respectively. Within the portfolio, the bulk, or 78 percent of the 2,461,318 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. They are all located in Bronx.

The surrounding

Within a 400-foot radius of 1162 East 165 Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Stagg Group borrowed $136.8 million from NYC Housing Development Corporation secured by the 0-square-foot development site (V1) on 1001 Whitlock Avenue on July 21, 2023.

Direct link to the property’s ACRIS page and link to DOB NOW portal.