Stagg Group receives TCO following construction of 128K sf residential building in Riverdale

Mark Stagg’s Stagg Group, on August 13, was issued a temporary certificate of occupancy for construction of a 152-unit, 128,580-square-foot residential building at 150 Van Cortlandt Ave East in Riverdale.

The plans, pre-filed on November 28, 2016, call for the construction of a 127-foot tall, 13-story residential building. The time from pre-file to TCO was three years and nine months.

The project is described in the filings as: hereby filing a new 13-story building.

Floors one through nine each have 12 units, per the plans filed. Floors 11 through 13 each have 11 units. The 10th floor is used for recreation space. Floors 11 through 13 also each have recreations areas. The basement has a school, residential lobby, and mail room.

Early reports revealed half of the units would rent to households earning less than 60 percent of the Area Median Income, or $48,960 for a family of three. In exchange, Stagg would receive a Low Income Housing Tax Credit. The other units would rent for market rates.

Stagg bought the property for $7.1 million in March 2015, with $7.5 million in financing from Titan Capital.

Direct link to Acris document.LINK

Direct link to DOB document.LINK

Direct link to C of O document.LINK