The Morgan: What the Offering Plan Says About 38 East 35th Street
The Morgan is a 137-unit new condo in Murray Hill from Continuum Company, mostly one- and two-bedrooms, with a ground-floor amenity floor and an 11-car cellar garage. Here's what its offering plan says about the finishes, amenities, staffing, budget and fine print.
In brief: The Morgan is a new 137-apartment condo at 38 East 35th Street in Murray Hill, sponsored by an affiliate of Continuum Company and accepted for filing in July 2026, with first occupancy projected for around April 2028. Most of the homes are one- and two-bedrooms, topped by a handful of terraced penthouses. What sets it apart, per the plan: an amenity floor built into the ground level, a heating system fed by Con Edison steam, a staff budgeted as non-union, and 11 cellar parking spaces sold as licenses rather than deeded units.
What's Specific to It
- Con Ed steam heat: Con Edison steam heats the building's water loop and hot water, at about $139,000 a year in common charges.
- Non-union staff: the budget assumes the doormen, porters, handyman and resident manager aren't union members.
- A ground-floor amenity level: gym, yoga, sauna and steam, party room, demonstration kitchen, private dining, playroom and an outdoor lounge all sit off the lobby.
- Parking by license: 11 cellar spaces at $350,000 each ($375,000 for the two accessible ones), plus about $490 to $595 a month.
- Lot line windows in 21 apartments: west-facing windows could have to be closed if the neighbor builds taller.
- A medical office downstairs: a roughly 1,700 square foot community facility unit, not offered for sale, is proposed as a medical office.
The offering plan, the document the developer filed with the New York Attorney General, names the appliances, counts the staff and projects the first year's budget. Here's what we found. (New to these documents? See what a condo offering plan is.)
At a Glance
- Homes: 137 apartments on floors 2 through 18 (there's no 13th floor): about 8 studios, 70 one-bedrooms, 49 two-bedrooms and 10 three-bedrooms, from roughly 530 to 2,500 square feet.
- Offering prices: the sponsor's first prices in Schedule A run from about $975,000 to $8.75 million. These are asking prices in the plan, not sales.
- Outdoor space: 10 homes have a private terrace, mainly the penthouses on 17 and 18 plus a few on the 2nd and 14th floors. (More on this in our private outdoor space guide.)
- Extras: 11 parking licenses and a bike room with 69 racks. There are no storage bins.
- Elevators: two passenger elevators, both with card readers.
- Timing: the plan projects a first temporary certificate of occupancy around April 2028.
Finishes
The architect's report lists finishes down to model numbers, and the sponsor can substitute items of "equal or better" quality. Treat it as the planned spec. (Brand context: our NYC condo finishes guide.)
- Kitchens: wood veneer cabinets, stone slab counters, a Franke sink and Miele appliances: cooktop, electric convection oven, refrigerator and dishwasher, 24- or 30-inch depending on the layout, often with a speed oven. Some add a U-Line wine fridge.
- Penthouse kitchens: a 36-inch Miele cooktop with a vented hood, Miele fridge and freezer columns and a Sub-Zero wine column.
- Baths: stone floors, Wetstyle sinks, Kohler toilets and Dornbracht fittings.
- Floors and windows: engineered white oak; thermally broken aluminum windows by Aluprof with bird-friendly low-E glass.
- Laundry: a washer and dryer in every home (compact ventless heat-pump units in typical apartments, vented dryers in penthouses), plus a shared cellar laundry room.
- Heating and cooling: ClimateMaster water-source heat pumps on floors 2 to 16; dedicated VRF systems in the penthouses. Your electricity is on your own Con Ed meter.
Good to know: one section of the plan mentions a "gas range," but the appliance schedule doesn't say the Miele cooktops are gas. Ask if it matters to you.
Amenities
The shared spaces are concentrated on the ground floor:
- Wellness: gym, yoga room, sauna and steam room; the service budget also covers a cold plunge.
- Entertaining: party room, demonstration kitchen, private dining room and a lounge/game room.
- Everyday: playroom, conference room, phone booths, an outdoor amenity lounge, and a package room with cold storage for deliveries.
No pool or playground. Pets aren't allowed in amenity spaces without board approval, and the plan lists no amenity fees. The bike rooms hold 69 bikes, free and first-come, first-served, up to two per household. Compare buildings in amenities by building size.
Staffing and Services
- Front door: doormen 24/7, budgeted as about 4.2 full-time positions; they accept packages.
- Building staff: a live-in resident manager, a handyman and three porters, all budgeted as non-union.
- Ramp-up: full staffing at 50% occupancy, and no later than 12 months after the first closing.
Staff costs about $1.17 million a year, roughly 43% of the budget (see our doorman cost guide). The resident manager will live in unit 2A, which the board will own; each buyer pays a share of its cost at closing.
What It Costs to Run
The sponsor's first-year budget (April 2028 to March 2029) is about $2.7 million. Residential common charges average roughly $1,600 a month, ranging in Schedule A from about $720 to $4,070. The big lines: staff (about $1.17 million), common electricity (about $313,000), insurance (about $239,000), service contracts (about $212,000), water and sewer (about $177,000), steam (about $139,000), the management fee ($110,000) and a replacement reserve (about $109,000). Parking fees of about $67,000 offset common charges.
Real estate taxes are extra: about $4.2 million building-wide in year one, based on a pre-completion assessment, and the plan warns they may rise materially after reassessment. See common charge benchmarks and why operating costs differ.
Fine Print Worth Knowing
- Parking: an unattended cellar garage with four EV chargers. Licenses aren't deeded, holders must own a unit, and the plan warns the cellar may not stay dry. One section describes a car lift and another a ramp, so ask. (Background: our parking guide.)
- Lot line windows: 21 apartments have west-facing lot line windows that don't count toward required light and air.
- Sponsor control: the sponsor runs the board until it sells out or for five years after the first closing, and can rent unsold units instead of selling them.
- Closing costs: no tax abatement is described. Buyers pay NYC and NY State transfer taxes, plus a month of common charges to reserves and two months to working capital.
- House rules: fully smoke-free, including terraces and e-cigarettes; one-year minimum leases.
Who's Behind It
- Sponsor: 26 East 35th Street LLC, care of Continuum Company, LLC.
- Architect: SLCE, with Cosentini as MEP engineer and DeSimone as structural engineer.
- Managing agent: Choice NY Property Management LLC, which also prepared the budget.
- Selling agent: Corcoran Group.
- Sponsor's counsel: Holland & Knight LLP. Tax counsel: Marcus & Pollack LLP.
- Interior designer: the plan doesn't name one.
Common Questions
Does The Morgan have a doorman?
Yes, around the clock, plus a live-in resident manager, a handyman and three porters, all budgeted as non-union.
How is The Morgan heated?
Con Edison steam heats the building's water loop; apartments use water-source heat pumps, and penthouses have VRF systems. Steam and water are in common charges; electricity is metered per apartment.
Can you buy parking at The Morgan?
Yes, as a license: 11 spaces at $350,000 or $375,000 in the plan, with monthly fees of about $490 to $595.
What are the common charges at The Morgan?
The sponsor's first-year estimates range from about $720 to $4,070 a month, roughly $1,600 on average, with taxes on top.
Where this comes from: the building's offering plan (CD250420) as filed with the New York Attorney General, including the architect's report, Schedule A and the Schedule B first-year budget. Prices are the sponsor's offering prices, not sales, and budgets are projections. Updated October 2026.