1543 West 1st Condominium
59-unit Brooklyn conversion
59
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
Although Brooklyn real estate values were up, the prices for the co-op units in the building were declining or stagnant.
The Co-op lacked sufficient financing options which only a few banks willing to lend to purchasers or owners wanting to refinance.
The Co-op had limited reserve funds and needed money for renovation of the elevator.
After Conversion
The Results
At conversion, units were appraised at nearly $100,000 more as a condominium than as a co-op. Immediately after conversion, owners put units on the market at these higher condo prices.
The Hutton Group arranged for Fannie Mae approval and shareholders were given the opportunity to finance their conversion with low interest rates that significantly reduced their monthly costs.
The conversion provided the funds which will be used for the elevator and other capital projects.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Community Voices
What Residents Say
"Hutton made the conversion of our building to a condominium a reality despite the difficulties caused by the current state of the economy, changing regulations and the mortgage market. The team at Hutton is professional, competent and superbly effective in getting the job done."
Sofya Golkhovaya, Board President
"We wanted to own our units with individual deeds. We knew The Hutton Group were the experts and they addressed every issue with detailed precision. Those who financed were able to secure low-rate Fannie Mae loans based on full condominium values that appraised at prices much higher than as co-ops."
Roman Rozenberg, Board Member
Property Location
1543 West 1st Condominium
1543 West 1st Street, Brooklyn, New York
More Success Stories
Related Case Studies
Could your building see similar results?
Every co-op is different, but the fundamentals of conversion value are consistent. Get a complimentary feasibility study to understand your building's potential.