Berkley Arms

“[They] really did save our community…we never could have accomplished conversion without Hutton […]"

Patty Urban

Geddes Lake (422 units)
Ann Arbor, MI
“The Hutton Group are true experts in their field…[They] saved my investment from sheer disaster and turned it into a goldmine […]"

Alan Antaki

Woodedge (81 units)
Edison, NJ
“[The Hutton Group] covered, with great success, our financial needs, our legal problems with some dissenters, and led us to a painless conversion […]"

Jose Perewozki

Laguna Lido (48 units)
Laguna Beach, CA
"We wanted to own our units with individual deeds and knew Hutton were the experts...they addressed every issue with detailed precision."

Roman Rozenberg

1543 W 1st St
Brooklyn, NY
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Berkley Arms

2002

Hackensack, New Jersey

Property Information

Location Hackensack, New Jersey
Number of Units 120
Year Converted to Co-op 1980
Year Converted to Condo 2002

Before Conversion as a Co-op

Berkley had a HUD Underlying NON PAY-ABLE Mortgage.
Just before conversion to condos, units were selling for 1/3 of their original prices paid by shareholders 15 years prior.
The Co-op Association had to buy back 10% of the units from the Sponsor, but these units would not sell as co-ops.
After Conversion as a Condo
ROA Hutton negotiated with underlying lender for the right to prepay and re-duced pre-payment penalties.
Market values of the condos immediately increased THREEFOLD and have been climbing ever since.
Units, now sold as condos, provided nearly $1 Million in reserve for the Asso-ciation thereby eliminating the need for a special assessments.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) $32,000
Add: Obligation (Fees & Closing Costs) $33,000
Total Investment $65,000
Condominium Values after Conversion $168,000
Net Increase in Wealth (Equity) $103,000