Brooklyn, New York

1543 West 1st Condominium

59-unit Brooklyn conversion

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Location: Brooklyn, New York
Units: 59
Underlying mortgage: No underlying mortgage existed; fees & closing costs only

The challenge

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.

The outcome

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.

Historical project figures

These historical figures describe this project. They are not current appraisals or a prediction for another building.

Funding arranged: $15,000,000

From the community

“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