
Park Hudson Condominiums
216-unit North Bergen conversion
216
Total Units
Significant
Value Increase
N/A
Year Converted
NJ
State
Property Details
Unit Types
N/A
Underlying Mortgage
Yes (Underlying mortgage, Garage Assessment; fees & closing costs only)
The Transformation
From Challenges to Success
Before Conversion
The Challenges
Units were extremely undervalued, selling at a third of comparable condominiums in the area.
The building desperately needed new windows and updated hallways but lacked the funds.
As a co-op, few lenders were willing to provide financing to new buyers at competitive terms.
After Conversion
The Results
Immediately after conversion, units were selling at 3 to 4 times the price as a condo compared to a co-op.
Hutton raised $750,000 for new windows and hallway renovations through the conversion.
Hutton obtained Fannie Mae approval which opened the door to thousands of condo lenders.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Community Voices
What Residents Say
"The positive results of the conversion are simply undeniable. Our units have increased in value by over 200% overnight. One unit was sold to an owner occupant for three (3) times the co-op price paid only a year prior. Our new association is now Fannie Mae approved with unlimited lenders offering attractive programs and lower interest rates. Hutton guided us through the entire process and put us on a solid footing with updated governing documents, a realistic operating budget and a new replacement reserve study. Your no-risk, no-upfront-fee program is reason enough to let shareholders decide for themselves as to the benefits and costs of a co-op to condo conversion."
Peter Hanson, Board President
"You had all the facts and research at your fingertips, and as a realtor, I was familiar with other buildings in Hackensack that you successfully converted. Once the Board approved the proposal and hired your company to represent us in this conversion, it was a whirlwind meetings, discussions, and phone calls. What does amaze me is that The Hutton Group completed our conversion in approx 6 months... I commend everyone involved in this conversion for your patience, professionalism, and your turn around time to get this conversion completedyou jumped through hoops to assist everyone. Many thanks for all your fine work in making the Frontenac conversion a reality."
Ann Santee, Board Member and Realtor
Property Location
Park Hudson Condominiums
9060 Palisade Ave, North Bergen, NJ
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