109-18 Lefferts Condominium

“[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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109-18 Lefferts Condominium

2007

Queens, New York

Property Information

Location Queens, New York
Number of Units 24
1983
2007

Before Conversion as a Co-op

Even with no underlying mortgage, the unit values as a co-op were well below comparable condominiums.
The Co-op suffered from a lack of sufficient working capital and was constantly behind in meeting its payments to vendors.
Some shareholders were concerned that with the value of their units increasing by 60% to 80% as condominiums, their property taxes would also increase dramatically after conversion.
After Conversion as a Condo
Immediately after conversion (less than 30 days), an owner sold his unit as a condominium at a price that was for nearly 70% more than the co-op price.
The conversion to condominium raised funds for working capital and capital reserves for future repairs and replacement of common areas.
ROA Hutton was successful in working with the Queen’s Tax officials to assure that each owner was assessed the same as a condominium unit owner as they were as a co-op; resulting in no increase in property taxes due to the conversion.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) $150,000
Add: Obligation (Fees & Closing Costs) $12,000
Total Investment $162,000
Condominium Values after Conversion $250,000
Net Increase in Wealth (Equity) $88,000