109-18 Lefferts Condominium
24-unit Queens conversion
24
Total Units
Significant
Value Increase
N/A
Year Converted
NY
State
Property Details
Unit Types
N/A
Underlying Mortgage
No underlying mortgage existed; fees & closing costs only
The Transformation
From Challenges to Success
Before Conversion
The Challenges
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
The Results
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.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Property Location
109-18 Lefferts Condominium
109-18 Lefferts Blvd., Queens, New York
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