Stagg Group has opened its newest apartment development at 697 Bronx River Road in Yonkers.
Mayor Mike Spano and members of the Yonkers City Council and Yonkers IDA joined Stagg Group founder Mark Stagg for a ribbon-cutting ceremony to celebrate the opening of The Marquee, a 160-unit property offering studios to three-bedroom units.
The Marquee was approved by the Yonkers IDA in 2017 for a sales tax exemption, partial mortgage recording tax exemption and a PILOT for the real property tax abatement benefits. 10 percent of the apartments fall under the city’s affordable housing program.
“We’re proud to bring residents to this transit-orientated block; we have two train stations in close proximity to the building,” said Mark Stagg. “This is our second building along this corridor, so we have over 210 units of new housing and we are excited about this project because the 2- and 3-bedroom units will bring a lot of young families to this area.”
In addition to a fully equipped gym, The Marquee has a courtyard, playground, bocce court and putting green as well as a rooftop lounge and gaming area.
“Yonkers’ economic development boom extends to all corners of our city, including the luxury and amenities available at The Marquee,” said Yonkers Mayor Mike Spano. “Prime location and accessibility will make this new residential experience desirable for new residents and its growing community to live, work and play.”
Since Stagg founded his company in 1996 he has built over 3,500 units of affordable housing with a portfolio value exceeding $1.5 billion in real estate development.