1543 West 1st Condominium
2011
Brooklyn, New York
Property Information
| Location | Brooklyn, New York |
|---|---|
| Number of Units | 59 |
| 1988 | |
| 2011 |
Before Conversion as a Co-op
Although Brooklyn real estate values were up, the prices for the co-op units in the building were declining or stagnant.
The Co-op lacked sufficient financing options which only a few banks willing to lend to purchasers or owners wanting to refinance.
The Co-op had limited reserve funds and needed money for renovation of the elevator.
After Conversion as a Condo
At conversion, units were appraised at nearly $100,000 more as a condominium than as a coop. Immediately after conversion, owners put units on the market at these higher condo prices.
Hutton arranged for Fannie Mae approval and shareholders were given the opportunity to finance their conversion with low interest rates that significantly reduced their monthly costs.
The conversion provided the funds which will be used for the elevator and other capital projects.
Results From the Converstion of 109 Lefferts
| Value as a Cooperative (40% Increase) | $160,000 |
|---|---|
| Add: Obligation (Fees & Closing Costs) | $34,000 |
| Total Investment | $194,000 |
| Condominium Values after Conversion | $250,000 |
| Net Increase in Wealth (Equity) | $56,000 |