—DelShah Capital (DelShah) has purchased the $11 million first mortgage debt on Morgan Lofts, located at 11 East 36th Street in Manhattan.
DelShah purchased the Morgan Lofts’ mortgage from First Central Savings Bank (FCSB). The collateral for the note consists of 14 residential units totaling 11,467 sq. ft.; two ground floor retail spaces totaling 6,483 sq. ft.; and the second-floorsuite totaling 5,320 sq. ft.
The note is in default and was accelerated in December 2011. The FCSB note holds strategic value to DelShah when combined with its existing $2.2 million loan, purchased from China Trust in 2009 for five residential units in the same building. DelShah is now the largest debt holder in the building.
Morgan Lofts consists of 85,195 total square feet comprised of 67 residential condominium studios, one- and two-bedrooms, ranging in size from 500 to 1,100 sq. ft. In addition to condos, Morgan Lofts offers retail and office space. The building is fully occupied.
Situated in the neighborhood of Murray Hill between Fifth and Madison Avenues, Morgan Lofts is in close proximity to Bryant Park, the New York Public Library and is easily accessible by public transportation.