Harbor Towers
2001
West New York, New Jersey
Property Information
Location | West New York, New Jersey |
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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 |
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Add: Obligation (Fees & Closing Costs) | $18,000 |
Total Investment | $78,000 |
Condominium Values after Conversion | $245,000 |
Net Increase in Wealth (Equity) | $167,000 |