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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.
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