Morgan Lofts

There are several issues with that bldg.

First, the financials. From what I understand, the financials are pretty horrendous, and it is next to impossible to secure financing. In addition, the owner occupancy rate is exceedingly low, and the sponsor owns too many units. Apparently, lenders consider this a deadly combination and they are highly reluctant to lend.

So, if you are to sell, you may have to hope for an all-cash buyer--which translates into lower prices. However, when I inquired about a unit there, I was told that some banks would lend if a buyer: (1) is very strong; and (2) is able to put down 50% or 60%+. But the interest rate would have been very high... So, if you are interested in a unit and need financing, you should definitely consult with a mortgage broker.

I agree, OP, that the CCs are outrageous for a bldg. with absolutely no amenities (w/ the exception of a Motel 8-ish gym...A friend of mine from Connecticut has a better gym in his basement!). Taxes are normal, in my opinion, given the location (and they don't have abatement).

Then, there is the issue of layouts--not just of the units but also of the entire bldg. It is a typical "rehab" job, where the developer crammed everything into limited space. So, the lobby is really as big as an elevator, and, within the units, you will see that some of the walls are curved, slanted or otherwise shaped weird (which isn't always obvious from the floorplans), closets/bathrooms are located in the weirdest places, rooms are awkwardly shaped, there is a lot of wasted squatefootage within a unit, and so on. Most of the units I saw were very, very dark because the windows are so small and sparse.

Also, the elevators were SO loud that I could hear them running and stopping, as I was walking through some units!!! I bet that would be annoying at night. Locationwise, it is an unattractive block...but you are a few yards away from 5th Ave...

Finally, I found the door staff to be exceedingly rude and unhelpful when I visited several times. One of them didn't even speak English (an older Eastern European gentleman), and another refused to let me wait in the lobby for my broker ("You need to wait outside until he shows up!"--but it was raining!).

With this all said, I liked the finishes of their kitchens (the bathrooms, not so much)!

@ClintonBuyer, really appreciate the input.