Case Study
Delmar Condominiums
36-unit Queens conversion
Property location
64-48 Booth Street, Rego Park, Queens, NYC
36
Total Units
NY
State
Property details
Context that shaped the conversion
Underlying Mortgage
Yes (Including underlying mortgage, fees & costs)
The transformation
From constraints to outcomes
Before conversion
The constraints
Unit values were stagnant in an otherwise rising real estate market for the past five (5) years.
The Co-op was unable to obtain a 2nd mortgage with favorable rates or terms; the banks required high reserves and onerous prepayment penalties.
As a co-op, some owners were unable to refinance or secure home equity loans since unit values remained low compared to the loan amount they needed.
After conversion
The documented outcomes
Soon after conversion, units as condominiums are selling at nearly twice (2X) the prices they sold for as co-ops.
Unit owners were able to finance their share of the 1st and 2nd mortgages at very favorable interest rates and NO prepayment penalties.
During the conversion, every owner had the opportunity to finance up to 95% of their units CONDOMINIUM VALUE, allowing them to cash-out their newfound equity without selling their unit.
Project record
Documented project scope
The source record does not provide a complete financial return table for this project, so only verified scope details are shown.
No unknown, estimated, or unavailable values are displayed.
Property location
Delmar Condominiums
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