Marilyn Manor

“[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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Marilyn Manor

2002

Hackensack, New Jersey

Property Information

Location Hackensack, New Jersey
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
Add: Obligation (Fees & Closing Costs) $33,000
Total Investment $63,000
Condominium Values after Conversion $145,000
Net Increase in Wealth (Equity) $82,000