Edison, New Jersey

Woodedge Condominiums

81-unit Edison conversion

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Location: Edison, New Jersey
Units: 81
Year converted: 2003
Underlying mortgage: Yes (Including underlying mortgage, fees & costs)

The challenge

Sponsor maintained nearly 15% of the units for more than 10 years.

Units were selling at very low prices with little activity.

Many owners were upside down (Owing more on share loans [mortgages] than the unit was worth as a co-op.)

Low reserve cash balances insufficient to meet major capital reserves needed to be completed.

The outcome

High condo prices have motivated Sponsor and Investors to sell units.

Selling quickly at prices over three (3) times co-op prices.

Owners have recouped their loses through higher sales prices and availability of Fannie Mae financing for new buyers.

Reserves enhanced through sale of complex-owned unit as a condo and new reserves in condo budget.

Historical project figures

Conversion completed in 2003.

These historical figures describe this project. They are not current appraisals or a prediction for another building.

Funding arranged: $7,000,000

From the community

“Prices have increased dramatically after the Conversion. Two Bedroom co-ops that once sold for $40K are now selling for $150K. A one bedroom co-op sold at $19K just before the conversion now as Condos they are selling in the $100K range. Thanks The Hutton Group for making this happen.”

Charles Shell, President

“The Hutton Group are true experts in their field. No one else would have been able to manage the difficulties we faced in the conversion. The Hutton Group saved my investment from sheer disaster and turned it into a goldmine. I simply cannot say enough about the positive impact the conversion to condominium has made in our community.”

Alan Antaki, Shareholder