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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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