Stagg Group Cuts Ribbon on New Yonkers Project

Real Estate In-Depth | November 3, 2020

From left, Yonkers Councilman John Rubbo; Adolfo Carrion Jr.; Yonkers Councilman Mike Breen; Yonkers Mayor Mike Spano, Stagg Group CEO/Founder Mark Stagg; Stagg Group Senior Vice President of Construction Jay Martino and Yonkers IDA Executive Director Jaime McGill. PHOTO BY JOHN VECCHIOLLA

YONKERS—Stagg Group CEO and founder Mark Stagg joined with Yonkers Mayor Mike Spano and members of the Yonkers City Council and Yonkers Industrial Development Agency on Oct. 29 to cut the ceremonial ribbon on the firm’s newest luxury apartment building in Yonkers.

Located at 697 Bronx River Road and dubbed “The Marquee,” the building includes six studios, 42 one-bedroom, 91 two bedroom and 21 three-bedroom units. A total of 10% of the units 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 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 two- and three-bedroom units will bring a lot of young families to this area.”

In addition to a fully equipped gym, The Marquee courtyard includes wide open green spaces and includes a playground, bocce court and putting green for active lifestyles. The property also features outdoor courtyard lounges, a rooftop lounge and a billiards table and gaming area. The building also offers a full-time concierge

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.

“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 Bronx-based company in 1996 he has built more than 3,500 units of affordable housing with a portfolio value in excess of $1.5 billion.