Marilyn Manor
36-unit Hackensack conversion
36
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
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.
After Conversion
The Results
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.
Higher condo prices and restrictions in the new governing documents prohibiting sale to investors has doubled the owner occupancy in the building.
Sale of these units at condo prices will create hundreds of thousands of dollars in reserves, virtually eliminating the need for future special assessments.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Community Voices
What Residents Say
"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."
Mickey Dickenson, Owner and Board Member
"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."
Martha Pressley, Board President
Property Location
Marilyn Manor
300 Lookout Ave, Hackensack, NJ 07601
More Success Stories
Related Case Studies
Could your building see similar results?
Every co-op is different, but the fundamentals of conversion value are consistent. Get a complimentary feasibility study to understand your building's potential.