Delmar Condominiums

“[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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Delmar Condominiums

2007

Rego Park, Queens, New York

Property Information

Location Rego Park, Queens, New York
Number of Units 36
Year Converted to Co-op 1981
Year Converted to Condo 2007

Before Conversion as a Co-op

Unit values were stagnant in an otherwise rising real estate market for the past five (5) years.
The Co-op was unable to obtain a 2nd mortgage with favorable rates or terms; the banks required high reserves and onerous prepayment penalties.
As a co-op, some owners were unable to refinance or secure home equity loans since unit values remained low compared to the loan amount they needed.
After Conversion as a Condo
Soon after conversion, units as condominiums are selling at nearly twice (2X) the prices they sold for as co-ops.
Unit owners were able to finance their share of the 1st and 2nd mortgages at very favorable interest rates and NO prepayment penalties.
During the conversion, every owner had the opportunity to finance up to 95% of their unit’s CONDOMINIUM VALUE, allowing them to “cash-out” their new found equity without selling their unit.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) $138,000
Add: Obligation (Fees & Closing Costs) $32,000
Total Investment $170,000
Condominium Values after Conversion $255,000
Net Increase in Wealth (Equity) $85,000