New Development (Sort of): Morgan Court
Morgan Court
211 Madison Ave
www.morgancourtcondo.com
History
Morgan Court has been around since 1985. The developer, Perlbinder Realty Corporation, sold 19 of the apartments when the building first opened and kept the remaining units as high end rentals – until now. Perlbinder is gut-renovating their holdings in the building and selling them.
The Building
32 stories
40 units are for sale for IMMEDIATE closings
Floors 3 – 14 are one bedrooms. Each apartment is a half-floor.
Floors 15+ are duplex 2 bed, 2.5 baths
Incentives
For the next five condos that sell, the developer will pay the city and state transfer taxes (approximately 1.8% of the sales price of the apartment)
Buyers can choose from two different finishes & the developer will build out closets to buyers’ specifications if they purchase soon
The Apartments
Feature washer/dryers, garbage disposals, and wine coolers
Even the one bedroom baths have double sinks
Include all the usual high end appliances: Bosch, Sub Zero, Viking, Kohler
Most with balconies or terraces
Amenities
Garden with reflecting pool
Full time doorman, concierge
Live-in super
Building staff brings your mail to your door
They also accompany food delivery guys to your apt to avoid those annoying menus under your door
Pricing
One Bedrooms
5BT is 1,095 sq ft for $1,648,500 with common charges of $1,269.02 and real estate taxes of $861.71
12AT is 1142 sq ft for $1,695,000 with CCs of $1,380.35 and RE Taxes of $973.58
2 Bed, 2.5 Duplexes
14AT is 2321 sq ft for $3,195,000 with CCs of $2,805.31 and RE Taxes of $2,001.36
18AT is 2321 sq ft for $3,395,000 with CCs of $2,805.31 and RE Taxes of $2,223.63
Assessment:
The common charges and real estate taxes for the building are high considering there aren't that many amenities. "Good" common charges are around $1/sq ft. Morgan Court’s are $1.21/sq ft, not including the real estate taxes. The common charges for an apt on the 14th floor are the same as the CCs for the same apt on the 26th floor, which is odd. Generally, co-op and condo apartments on higher floors or with better light/views have higher common charges than the same apartment on a lower floor.
The duplex apartments have spiral staircases, which many buyers dislike, however the spiral staircases in these units are very wide, making them much easier to navigate.
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