North Bergen, New Jersey
Park Hudson Condominiums
216-unit North Bergen conversion
Explore the projectRequest your free feasibility study- Location
- North Bergen, New Jersey
- Units
- 216
- Year converted
- 2009
- Underlying mortgage
- Yes (Underlying mortgage, Garage Assessment; fees & closing costs only)
The challenge
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.
The outcome
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.
Historical project figures
Conversion completed in 2009.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $28,000,000
- Recorded co-op value per unit
- $80,000
- Recorded condominium value per unit
- $235,000
In North Bergen
Park Hudson Condominiums9060 Palisade Ave, North Bergen, NJOpen 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.