Cedar Brook

“[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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Cedar Brook

2000

Parisippany-Troy, New Jersey

Property Information

Location Parisippany-Troy, New Jersey
Number of Units 193
Year Converted to Co-op 1985
Year Converted to Condo 2000

Before Conversion as a Co-op

Suffered for years from slow sales and extremely low market values, never reaching late 1980’s values as co-op units.
Was considered ineligible for competitive bank financing and being hostage to only a few expensive lenders.
High investor concentration with shareholders having limited exit strategies.
After Conversion as a Condo
Units that were selling for $55,000 as co-ops are now selling for over $180,000 as Condos, providing original owners with recovery and expansion of their investments.
ROA Hutton arranged Fannie Mae approval allowing buyers to purchase or refinance at the lowest rates available and with down payments as low as 3%.
Higher condo values allowed owners to sell to owner occupants creating a stronger sense of community.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) $31,500
Add: Obligation (Fees & Closing Costs) $31,000
Total Investment $62,500
Condominium Values after Conversion $148,900
Net Increase in Wealth (Equity) $85,500