- Unit value before
- $200,000
- Unit value after
- $350,000
$150,000 per unit
One corporation
48 shareholdersLeased land
Rent in every maintenance bill48 households
One analysis eachLand purchased
No cash from ownersLand purchased
No cash from ownersOne of 48 deeds
48 shareholdersLeased land
Rent in every maintenance bill48 households
One analysis eachLand purchased
No cash from ownersLand purchased
No cash from ownersOne of 48 deeds
We convert
co-ops into
condominiums.
From the first study to the deed in your hands, we manage the entire conversion. No upfront cost to your cooperative or its shareholders.
- Cooperative units converted
- 5,000+
- Value appreciation for shareholders
- $550M+
- Of shareholder-approved conversions completed
- 100%
- Converting co-ops nationwide since
- 1992
From shares in a building
to a deed of your own.
Today, you own shares in the corporation that owns your building. After conversion, you hold a deed to your unit and a share of the common areas.
For the building
Higher unit values
Across the conversions we have completed, unit values have appreciated by more than $550 million.
Funds for the building
We have arranged more than $500 million of funding.
More lenders
As a condominium your building can be approved by Fannie Mae, FHA and Freddie Mac lenders.
Lower shared charges
For co-ops carrying blanket debt service and shared real estate taxes, the shared monthly charge fell by a median 57.4% across five documented conversions.*
*808 Laurel, a co-op with no blanket debt, saw no change and is excluded from the figure. Your full monthly cost also includes any individual mortgage and taxes.
For shareholders
A deed to your own unit, in your own name.
You can sell it, rent it, mortgage it and leave it to your heirs.
A unit deed can be financed where a share certificate cannot.
Brokers and buyers are more familiar with the condominium than the co-op.
Our fee is paid when
your deed is delivered.
One disclosed fee per unit, paid by each owner at closing. If we cannot convert your property, no one owes us anything.
- Upfront
- No cost to the corporation.
No upfront cost to shareholders. - At closing
- Your fee is due only when
your deed is delivered. - By your vote
- Supermajority approval, set by your documents and state law.
No deed.
No cost.
when your deed is delivered.
Before and after
conversion.
Royal Palms and Harbor Towers show the change in unit value at two completed conversions. These are historical results; outcomes vary by property.
- Unit value before
- $60,000
- Unit value after
- $245,000
$185,000 per unit
Values per unit, from Hutton’s conversion records.
One firm for the building.
Individual attention
for every household.
We manage the whole conversion, from beginning to end.
Hackensack, NJ
Hackensack, NJ
One process, three phases
Shareholder education and the vote. The legal and financial work. Then the group closing, where deeds are delivered.
A plan for your building
We bring shareholder education, legal work, financing coordination and administration into one engagement.
A deed for every shareholder
The conversion gives each shareholder a deed to their own unit. Owners may defer closing, though converting later costs more.
Every shareholder, one on one
Before the vote, each household receives an Individual Unit Analysis of its unit’s value, monthly costs and financing options. We review it with you individually.
How it works
Your shareholders decide.
- Feasibility study
- The board
The feasibility study
We appraise sample units as condominiums, review the building’s finances and check its approval requirements. At no cost or obligation.
- Shareholder education
- Individual Unit AnalysisYour unit’s value, full monthly costs and financing options—before and after conversion.
- Conversion Plan
Phase One
Education and the vote, where two-thirds of the shares must approve the plan under most governing documents and an abstention counts against.
- Condominium association
- The board
- Lender
Phase Two
We prepare the legal documents, coordinate financing and establish the condominium association.
- Group closing
- Underlying mortgage
- Deed
Phase Three
At the group closing, the underlying mortgage is paid off and participating owners receive their deeds. Owners who defer close later.
The people
behind the vote.
“I for one was skeptical of the entire process of converting from Co-op to Condo … converting to Condo was a huge success and entirely beneficial to our owners.”
“Jack Boyajian performed an absolutely excellent job. He covered, with great success, our financial needs, our legal problems with some dissenters, and led us to a painless conversion.”
“The Hutton Group are true experts in their field. … The Hutton Group saved my investment from sheer disaster and turned it into a goldmine.”
Another way to sell
a rental building.
Condominium conversion lets you sell units individually, releasing equity without selling the whole building in one transaction.
- Each unit can be sold on its own.
- Release equity held in the building.
- An alternative to a whole-building sale.
Your questions,
answered.
The cost, the vote, the financing.
Start with the questions that matter to your building.
There is no standard rate card. We disclose one fee for your building, paid by each owner at closing when their deed is delivered. Before the vote, each household receives an Individual Unit Analysis of its costs, values and financing options.
Read the full answerYour shareholders vote on the Conversion Plan. Under most governing documents, two-thirds of the shares must approve and an abstention counts against. Your building’s documents and applicable state law determine the threshold.
Read the full answerThere is no single timetable. Your underlying mortgage, governing documents and shareholders’ readiness all affect the schedule. We examine your building’s circumstances before your board commits to converting.
Read the full answerYour share loan is addressed at closing as financing shifts to a mortgage on the unit you will own by deed. Your lender determines the terms you qualify for, and your Individual Unit Analysis sets out the financing options for your household.
Read the full answerIf we cannot convert your property, no one owes Hutton anything. Our fee is due only when the deed to your unit is delivered. There is no upfront cost to shareholders or the corporation.
Read the full answer
What could conversion
mean for your building?
Not every cooperative is a candidate. We appraise sample units as condominiums, review your finances and check the approval your plan requires.
The study is free and does not commit your board to converting.