Stagg Group pays $4M for dev site for 143-unit project in Williamsbridge

The Stagg Group through the entity Gunhill BH LLC paid $4 million to Frank Cinquemani through the entity East End Gun Hill LLC for industrial (G7) at 743 East Gunhill Road in Williamsbridge, Bronx.
The deal closed on November 17, 2021 and was recorded on December 17, 2021.
The property has 0 square feet of built space and 41,832 square feet of additional air rights for a total buildable of 41,832 square feet according to PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $95 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Frank Cinquemani was Frank Cinquemani. The signatory for Stagg Group was Mark Stagg.
(X00562360) Plans for a 143-unit, 122,982 square-foot R-2 were filed on July 28, 2021.

Within a 400-foot radius of 743 East Gunhill Road, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on March 4, 2021 for a 77,047-square-foot R-2 building with 83 residential units at 713 E 211th Street.
One of those four items was a sale which Center for Urban Community Services bought the 0-square-foot development site (V0) on 711 East 211th Street and one other property for $10.8 million from B&B Urban on December 23, 2020.
One of those four items was a loan which Center for Urban Community Services and B&B Urban borrowed $78.1 million from New York State Housing Finance Agency secured by the development site (V0) on 711 East 211th Street and one other property on December 23, 2020.

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