Harbor Towers
198-unit West New York conversion
198
Total Units
Significant
Value Increase
N/A
Year Converted
NJ
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
The Co-op suffered for years from extremely low market values under $10,000 for some units.
The Co-op had a very high number of bank foreclosures, delinquencies and Co-op owned units with little reserves for replacement.
The sponsor still owned over 25% of the units in the building they were unable to sell units at reasonable prices.
After Conversion
The Results
One and Two-Bedroom models have increased in market value by over 300% post-conversion
Because of higher condo values, The Hutton Group was able to create a reserve fund for a window replacement program and to replace the elevator system
Sponsor immediately began to renovate and sell units to owner occupants creating a better community of responsible condo owners.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Community Voices
What Residents Say
"As a Co-op, Harbor Towers was in pretty bad shape financially. We could not sell units for more than $20,000 and there was zero bank financing available. Things were not looking good for the building."
David Grossman, Managing Agent
"I am very proud of The Hutton Group for the hard work that they did in converting Harbor Towers to a condominium. This was a very difficult conversion because we only had a 15% owner-occupancy ratio at the time. Now we have plenty of bank financing and market values have risen tremendously. We also raised the extra money necessary to replace our windows and to repair the elevator system. Thank you The Hutton Group!"
Dr. Lou Menendez, Board President
Property Location
Harbor Towers
6515 JFK Blvd E, West New York, NJ 07093
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