Mountain Club Condos

“[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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Mountain Club Condos

2005

Parsippany, New Jersey

Property Information

Location Parsippany, New Jersey
Number of Units 702
Year Built 1968
Year Converted to Condo 2005

Before Conversion as a Co-op

A large complex (702 Units) converted from rentals in 1988, the co-op units never recovered in sales prices from the decline in the early 1990’s. Owners were forced to rent due to low resale values, making the community more tenant-concentrated than was desired.
As a co-op, owners were limited in their options to refinance or get home equity loans since unit values remained low compared to the loan amount they needed.
There was significant deferred maintenance in the complex and virtually no reserves to fund the necessary work.
After Conversion as a Condo
After conversion, unit values doubled and market absorption significantly improved. Investor owners were able to sell their units to owner-occupants at higher prices thereby increasing the owner occupancy levels in the community.
As part of the conversion, ROA Hutton secured Fannie Mae & FHA approval which provided the best available mortgage terms for years to come.
Almost $2.5 Million was raised through the conversion, allowing owners to borrow their share in conversion loans.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) $110,000
Add: Obligation (Fees & Closing Costs) $39,500
Total Investment $149,000
Condominium Values after Conversion $200,000
Net Increase in Wealth (Equity) $51,000