The Stagg Group is on the cusp of finishing its newest building in Norwood, and while a quarter of those units are deemed affordable, it appears affordability is in the eye of the beholder.

St. George Gardens, a 68-unit, mixed-income building at 186 St. Georges Crescent, a tiny street near Van Cortlandt Avenue East and the Grand Concourse, boasts 18 affordable units with rents that begin at $1,075 for studio apartments dedicated to renters with a maximum income of $52,290. Those renters fall within the 70 percent Area Median Income (AMI) range.

For those at the 130 percent AMI, rent for a studio apartment starts at $1,598 for those with a maximum salary of $97,110.

Rents are steeper, of course, for one- to three-bedroom units. The most expensive is the three-bedroom apartment that runs $2,388 for a family of seven earning a maximum income of $172,120.

The rest of the units are deemed market rents with prices that go beyond the affordable rates.

Such prices drew groans, and laughs of absurdity, at the latest Bedford Mosholu Community Association (BMCA) meeting last night. There, BMCA president gave a detailed rundown of rents, including the kinds of amenities the building is equipped with—24-hour security cameras, recreation room, hardwood floors and card-operated laundry facility.

The building’s median affordable rents mostly align with median asking rents in the area at $1500, according to the NYU Furman Center.

The Stagg Group is currently the subject of a state investigation launched by Governor Andrew Cuomo following published reports alleging that the omnipresent realty firm’s other buildings are in disarray. The Stagg Group has defended the management of its buildings, blaming tenants.

Editor’s Note: Anyone interested must apply through the Housing Preservation and Development’s Housing Connect lottery either online or through the mail by sending a self-addressed stamped envelope to St. George Gardens, P.O. Box 9, Purchase, NY 10577.

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Welcome to the Norwood News, a bi-weekly community newspaper that primarily serves the northwest Bronx communities of Norwood, Bedford Park, Fordham and University Heights. Through our Breaking Bronx blog, we focus on news and information for those neighborhoods, but aim to cover as much Bronx-related news as possible. Founded in 1988 by Mosholu Preservation Corporation, a not-for-profit affiliate of Montefiore Medical Center, the Norwood News began as a monthly and grew to a bi-weekly in 1994. In September 2003 the paper expanded to cover University Heights and now covers all the neighborhoods of Community District 7. The Norwood News exists to foster communication among citizens and organizations and to be a tool for neighborhood development efforts. The Norwood News runs the Bronx Youth Journalism Heard, a journalism training program for Bronx high school students. As you navigate this website, please let us know if you discover any glitches or if you have any suggestions. We’d love to hear from you. You can send e-mails to norwoodnews@norwoodnews.org or call us anytime (718) 324-4998.