West New York, New Jersey

Harbor Towers

198-unit West New York conversion

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Location: West New York, New Jersey
Units: 198
Year converted: 2001
Underlying mortgage: Yes (Including underlying mortgage, fees & costs)

The challenge

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.

The outcome

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.

Historical project figures

Conversion completed in 2001.

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

“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