Delmar Condominiums
36-unit Queens conversion
36
Total Units
Significant
Value Increase
N/A
Year Converted
NY
State
Property Details
Unit Types
N/A
Underlying Mortgage
Yes (Including underlying mortgage, fees & costs)
The Transformation
From Challenges to Success
Before Conversion
The Challenges
Unit values were stagnant in an otherwise rising real estate market for the past five (5) years.
The Co-op was unable to obtain a 2nd mortgage with favorable rates or terms; the banks required high reserves and onerous prepayment penalties.
As a co-op, some owners were unable to refinance or secure home equity loans since unit values remained low compared to the loan amount they needed.
After Conversion
The Results
Soon after conversion, units as condominiums are selling at nearly twice (2X) the prices they sold for as co-ops.
Unit owners were able to finance their share of the 1st and 2nd mortgages at very favorable interest rates and NO prepayment penalties.
During the conversion, every owner had the opportunity to finance up to 95% of their units CONDOMINIUM VALUE, allowing them to cash-out their newfound equity without selling their unit.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Property Location
Delmar Condominiums
64-48 Booth Street, Rego Park, Queens, NYC
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