The Marquee apartment building opens in Yonkers
Yonkers Mayor Mike Spano along with members of the City Council and officials from the Yonkers Industrial Development Authority were on hand for a ribbon-cutting ceremony to mark the opening of The Marquee, an apartment building at 697 Bronx River Road.
The building was developed by the Stagg Group, a company that had largely concentrated on projects in the Bronx after its founding in 1996 until expanding into Westchester several years ago. The company stated that it has built more than 3,500 units of affordable housing with a portfolio value exceeding $1.5 billion, while also doing market-rate projects.
Stagg is working with Simone Development on a three-phase, $200 million project at 26 Garden St. in New Rochelle. The project includes building a courthouse that will be used by Westchester County to house family court. The county signed a 30-year lease for 35,000 square feet of space. Also planned are parking facilities, a high-rise apartment tower and, in the third phase, a medical office building.
The Yonkers apartment building is being promoted as offering state-of-the-art living for individuals and families of different sizes. Included among the 160 units are six studios, 42 one-bedroom, 91 two-bedroom and 21 three-bedroom units. The building contains approximately 240,000 square feet.
Stagg Group CEO and Founder Mark Stagg referenced a project his company has underway at 411 Bronx River Road when he said, “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.”
Stagg expressed optimism for the future of the part of Yonkers that is near the Metro-North Mount Vernon West station on the city”™s eastern border with Mount Vernon.
“When people think of developing in Yonkers they think of the west side; they think of that river. Guess what,” Stagg said. “Nobody talks about this river on the east side. You know, we”™re next to the Bronx River so we”™re real proud that ”¦ we”™re able to bring residents to this transit-oriented block that we have.”
Spano said, “Yonkers”™ economic development boom extends to all corners of our city, including the luxury and amenities available at The Marquee. Prime location and accessibility will make this new residential experience desirable for new residents and its growing community to live, work and play.”
Amenities include a gym, playground, bocce court, putting green and lounges.
The Marquee was approved by the Yonkers Industrial Development Agency in 2018 for a sales tax exemption of about $985,000, partial mortgage recording tax exemption and a payment in lieu of taxes for property tax benefits. On the IDA application, the developer estimated the cost of the project at $30.5 million.
Among the apartments being advertised for rent in The Marquee by several real estate offices are a 400-square-foot studio at $2,100 a month, a 600-square-foot one-bedroom at $2,250 a month, a two-bedroom 950-square-foot unit at $2,550 a month and three-bedroom 1,100-square-foot unit at $2,800 a month.