Queens, New York
109-18 Lefferts Condominium
24-unit Queens conversion
Explore the projectRequest your free feasibility study- Location
- Queens, New York
- Units
- 24
- Year converted
- 2007
- Underlying mortgage
- No underlying mortgage existed; fees & closing costs only
The challenge
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.
The outcome
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.
The Hutton Group was successful in working with the Queens 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.
Historical project figures
Conversion completed in 2007.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $4,000,000
- Recorded co-op value per unit
- $150,000
- Recorded condominium value per unit
- $250,000
In Queens
109-18 Lefferts Condominium109-18 Lefferts Blvd., Queens, New YorkOpen the building in Google Maps (opens a new tab)
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