Hackensack, New Jersey
Marilyn Manor
36-unit Hackensack conversion
Explore the projectRequest your free feasibility study- Location
- Hackensack, New Jersey
- Units
- 36
- Year converted
- 2002
- Underlying mortgage
- Yes (Including underlying mortgage, fees & costs)
The challenge
Building suffered from market stigma of a failed co-op from early 1990s.
High investor concentration with owners forced to rent units due to low co-op market values.
Co-op was forced to take back 20% of units due to abandonment by defaulting shareholders.
The outcome
Post-Conversion marketing has revived interest in the building as a condominium with units selling within days at 3x to 4x that of co-op prices.
Sale of these units at condo prices will create hundreds of thousands of dollars in reserves, virtually eliminating the need for future special assessments.
Historical project figures
Conversion completed in 2002.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $5,000,000
From the community
“While I understood the benefits of converting my coop to condo. I was surprised by how smoothly the paper work part of the process went. The Hutton Group professional guidance prepared our association for the transition from Coop to Condo.”
“Our building suffered greatly from low prices, lack of funds and low owner interest and participation. We are now in great shap thanks to The Hutton Group. We have our building back in control. There are more owners in the building and we enjoy a terrific market acceptance of our condo units.”
In Hackensack
Marilyn Manor300 Lookout Ave, Hackensack, NJ 07601Open the building in Google Maps (opens a new tab)
What would conversion mean for your building?
A free feasibility study starts with your building’s numbers and the questions your community needs to answer.