Scott Morgan’s Morgan Group borrows $32M from Morgan Stanley Bank for property in Longwood Melrose

Scott Morgan’s Morgan Group through the entity 190 W 170 Realty LLC D as borrower signed a loan agreement with lender Morgan Stanley Bank, N.A. valued at $32.3 million for 5 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 228 residential units at 1136 Sherman Avenue, 190 West 170th Street, 1057 Hoe Avenue, 2979 Marion Avenue, 3500 Tryon Avenue in Longwood Melrose. The deal closed on October 10, 2019 and was recorded on October 28, 2019.
The property contains a total of 52,000 square feet of built space.
The average loan per unit is $141,667.
The last time the property sold was August 2, 2012, for $5,100,000.

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 $354,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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