Marilyn Manor
2002
Hackensack, New Jersey
Property Information
Location | Hackensack, New Jersey |
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Number of Units | 36 |
Year Converted to Co-op | 1986 |
Year Converted to Condo | 2002 |
Before Conversion as a Co-op
Building suffered from market stigma of a failed co-op from early 1990’s.
High investor concentration with owners forced to rent units due to low co-op market values.
Co-op was forced to take back 20% of units due to abandonment by defaulting shareholders.
After Conversion as a Condo
Post-Conversion marketing has revived interest in the building as a condominium with units selling within days at 3x to 4x that of co-op prices.
Higher condo prices and restrictions in the new governing documents prohibiting sale to investors has doubled the owner occupancy in the building.
Sale of these units at condo prices will create hundreds of thousands of dollars in reserves, virtually eliminating the need for future special assessments.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) | $30,000 |
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Add: Obligation (Fees & Closing Costs) | $33,000 |
Total Investment | $63,000 |
Condominium Values after Conversion | $145,000 |
Net Increase in Wealth (Equity) | $82,000 |