Queens, New York
Delmar Condominiums
36-unit Queens conversion
Explore the projectRequest your free feasibility study- Location
- Queens, New York
- Units
- 36
- Year converted
- 2007
- Underlying mortgage
- Yes (Including underlying mortgage, fees & costs)
The challenge
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.
The outcome
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.
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
- $5,000,000
In Queens
Delmar Condominiums64-48 Booth Street, Rego Park, Queens, NYCOpen the building in Google Maps (opens a new tab)
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