The needler in the haystack.

Thursday, April 30, 2015

Disturbing news about The Monarch condos

By 2010, marketing had faltered completely.

The Plainfield Tax Assessor's office confirmed Wednesday that the rumor mill got it right: Glen Fishman and Dornoch LLC are history at The Monarch condos and Senior Center at 400 East Front Street.

A single corporate entity, LGP Capital Plainfield LLC, has bought and closed on Fishman's unsold units in the building.

At an average price of $87,804 per unit.

This is devastating news for the twenty or so owners of units in the 63-unit building, several of whom paid in the mid-200s (though none were ever sold at the original $350,000 asking price set when the units first went on the market).

My first question was whether there would be tax consequences as a result of the low sales price -- a little more than a third of the previous sales prices.

The answer: Probably yes. The new owner has appealed the tax assessments (they are individual, for each unit) and a ruling is expected by the end of June.

The ruling will affect all owners, but that is small comfort to those on the losing end of this sad experience.

  -- Dan Damon [follow]

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