Stagg Group pays $5.7M to Montefiore for 5-parcel dev site in Wakefield

The Stagg Group through the entity Carpenter Avenue Corner Associates LLC paid $5.7 million to Montefiore Medical Center through the entity MMC Corporation for the development site (V0) at 639 East 232nd Street in Wakefield, Bronx, development site (V0) at 637 East 232nd Street in Wakefield, Bronx, and industrial (G7) at 633 East 232nd Street in Wakefield, Bronx.
The deal closed on October 22, 2021 and was recorded on November 8, 2021.
The five properties have 0 square feet of built space and 63,075 square feet of additional air rights for a total buildable of 63,075 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $90 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 Montefiore Medical Center was Ed Pfleging. The signatory for Stagg Group was Mark Stagg.

Within a 400-foot radius of 639 East 232nd Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on September 28, 2021 for a 62,566-square-foot R-2 building with 92 residential units at 4180 Carpenter Avenue.
One of those five items was a sale which LAL Property Management bought the 27,500-square-foot, 31-unit rental (C7) on 4206 Carpenter Avenue for $5.0 million from Verco Properties on December 2, 2020.
Of those five items, two were loans above $5 million totaling $22.4 million. The most recent of the two was Vincens Gjonaj which borrowed $6.9 million from Peapack-Gladstone Bank secured by the 67,224-square-foot, 72-unit rental (D1) on 645 East 231st Street on November 4, 2021.

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