Harbor Towers

“[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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Harbor Towers

2001

West New York, New Jersey

Property Information

Location West New York, New Jersey
Number of Units 198
Year Converted to Co-op 1982
Year Converted to Condo 2001

Before Conversion as a Co-op

The Co-op suffered for years from extremely low market values – under $10,000 for some units.
The Co-op had a very high number of bank foreclosures, delinquencies and Co-op owned units with little reserves for replacement.
The sponsor still owned over 25% of the units in the building – they were unable to sell units at reasonable prices.
After Conversion as a Condo
One and Two-Bedroom models have increased in market value by over 300% post-conversion
Because of higher condo values, ROA Hutton was able to create a reserve fund for a window replacement program and to replace the elevator system
Sponsor immediately began to renovate and sell units to owner occupants creating a better community of responsible condo owners.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) $60,000
Add: Obligation (Fees & Closing Costs) $18,000
Total Investment $78,000
Condominium Values after Conversion $245,000
Net Increase in Wealth (Equity) $167,000