Josh Zegen’s Madison Realty Capital has come to the rescue of the Bobker Group for its financially troubled Morgan Lofts. According to a report in the Real Deal, Madison has come up with a badly needed $19 million in new financing to keep the condominium project out of bankruptcy.
Located at 11 East 36th Street, the Morgan Lofts has 12 stories and was originally constructed in 1912. The building is distinguished by its very tall open colonnade on its roof.
Its 68 condominium apartments have 12.5 foot ceilings, oversized windows, eight foot solid core doors, Wide Plank Espresso Oak floors, built in LCD screens, wine coolers and some even come with private elevator entrances. The building offers views of the Empire State Building.
The kitchens have Calacata Marble feature Sub Zero, Bosch and Kupperbusch appliances. It bathrooms feature extra deep Neptune tubs, Wenge wood vanities, porcelain tile, limestone floors, and Kohler fixtures.
It has 2 “sophisticated” lobbies, 24 hour Concierge/Doorman service and a rooftop workout facility.
The building’s listing describe it as follows:
“Soho style proportions meet master class finishes in this Boutique Condo Conversion with interiors by renowned interior designer Andres Escobar. Privacy, Comfort and Luxury are the hallmarks of each carefully crafted loft home, with only five or six homes per floor.
Eli Bobker’s The Bobker Group, a buyer of distressed assets, was forced back in May to declare bankruptcy over the 14 residential units and one office condo that it had acquired there which remain unsold. But Madison rode in to the rescue providing debtor-in-possession financing to prevent an attempted buy out by DelShah Capital.
Zegen told The Real Deal that this deal is “a testament to our being able to act quickly and understand a complicated site. If we didn’t close, the borrower may have lost control of that property.”
The Bobker Group (TBG) offers real estate development, sales, and management services. The company provides residential projects and condominium conversions services. Additionally, it offers joint venture and equity financing services to real estate developers and investors. TBG is headquartered in New York City.