Stagg Group pays $6M to Simone Development for dev site in Riverdale

Stagg Group through the entity 3745 Riverdale Avenue LLC paid $6 million to Simone Development Companies through the entity Riverdale Realty Development LLC for development building at 3745 Riverdale Avenue in Riverdale, Bronx.
The deal closed on January 25, 2022 and was recorded on February 11, 2022.
The property has 0 square feet of built space and 49,530 square feet of additional air rights for a total buildable of 49,530 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 $121 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 seller bought the property on July 2, 2013, for $2 million.
The signatory for Simone Development Companies was Joseph Simone. The signatory for Stagg Group was Mark Stagg.
Prior to this transaction, the buyer Stagg Group purchased 13 properties in eight transactions for a total of $41.2 million and had not sold any properties over the past 24 months.
The seller Simone Development Companies purchased five properties in two transactions for a total of $34.6 million and sold one property in one transaction for a total of $2.6 million over the same time period.
(220514799) Plans for a 48-unit, 64,846 square-foot R-2 were filed on February 9, 2016.
In Riverdale, the majority, or 76 percent of the 11 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 11 percent of the space. In sales, Riverdale has the 38th highest sale turnover among other neighborhoods in Bronx with $9.8 million in sales volume in the last two years. For development, Riverdale has had very little major development activity relative to other neighborhoods.It had 3,373 square feet of commercial and multi-family construction under development in the last two years, which represents 0.03 percent of the neighborhood’s built space.
On the tax block, the majority, or 81 percent of the 397,606 square feet of built space are residential elevator buildings, with retail buildings next occupying 10 percent of the space.

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