The Co-op to Condo Conversion Specialists™
Harbor Towers
- Client
- Harbor Towers
- Date Converted
- 2001
- Location
- New Jersey
- Building Website
- Visit online
Property Information
| Location | West New York, New Jersey |
| Number of Units | 198 |
| Year Converted to Co-op | 1982 |
| Year Converted to Condo | 2001 |
Before Conversion
As a Co-op
After Conversion
As a Condo
- 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.
- 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.
What Owners Say About Their Conversion
“As a Co-op, Harbor Towers was in pretty bad shape financially. We could not sell units for more than $20,000 and there was zero bank financing available. Things were not looking good for the building.”
David Grossman
Managing Agent
“I am very proud of ROA Hutton for the hard work that they did in converting Harbor Towers to a condominium. This was a very difficult conversion because we only had a 15% owner-occupancy ratio at the time. Now we have plenty of bank financing and market values have risen tremendously. We also raised the extra money necessary to replace our windows and to repair the elevator system. Thank you ROA Hutton!”
Dr. Lou Menendez
Board President
Results from the Conversion of Marilyn Manor
Value as a Cooperative |
$60,000 |
Add: Conversion Obligation(including underlying mortgage, fees & costs) |
$18,000 |
Total Investment |
$78,000 |
Condominium Values after Conversion |
$245,000 |
Net Increase in Wealth (Equity) |
$167,000 |
PDF of Case Study: Harbor Towers Case Study