Morgan Group borrows $16M from Morgan Stanley for multifamily property in Longwood Melrose

Scott Morgan’s Morgan Group through the entity 667 East 232 LLC D as borrower signed a loan agreement with lender Morgan Stanley through the entity Morgan Stanley Bank, N.A. valued at $15.5 million for 2 parcels, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 115 residential units at 667 East 232nd Street, 1901 Grand Concourse in Longwood Melrose. The deal closed on March 6, 2020 and was recorded on March 20, 2020.
The property has 114,892 square feet of available development rights.
The average loan per unit is $134,783.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $1,250,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link