Stagg Group signs 99-year lease valued at $7M for Bronx site it plans 82-unit rental

The development firm Stagg Group as tenant through the entity 4435 White Plains Road LLC signed a 99-year lease with the Seventh-Day Adventists’ Northeastern Conference Corporation as landlord valued at $7 million for 4435 White Plains Road in Wakefield, the Bronx. The deal closed on March 24, 2020, and was recorded on September 25, 2020. The transaction consists of 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1). The signatory for the tenant was Mark Stagg.

On this parcel, the Stagg Group filed a new building permit application for 82 units totaling 72,018 square feet in March. The average sale price per square foot is $97.

The lease term started September 1, 2020.

In an unrelated deal, the church signed a loan agreement in July for $14.5 million secured by a property in Inwood.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
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