Case Study

Harbor Towers

198-unit West New York conversion

Property location

6515 JFK Blvd E, West New York, NJ 07093

198

Total Units

State

Property details

Context that shaped the conversion

These project specifics help explain why the conversion path and results differed from one building to another.

Underlying Mortgage

Yes (Including underlying mortgage, fees & costs)

The transformation

From constraints to outcomes

Each project began with a specific set of financing, legal, or market challenges and moved through a different path to a successful outcome.

Before conversion

The constraints

The Co-op suffered for years from extremely low market values under $10,000 for some units.

The Co-op had a very high number of bank foreclosures, delinquencies and Co-op owned units with little reserves for replacement.

The sponsor still owned over 25% of the units in the building they were unable to sell units at reasonable prices.

After conversion

The documented outcomes

One and Two-Bedroom models have increased in market value by over 300% post-conversion

Because of higher condo values, The Hutton Group was able to create a reserve fund for a window replacement program and to replace the elevator system

Sponsor immediately began to renovate and sell units to owner occupants creating a better community of responsible condo owners.

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.

Units Converted198

Underlying MortgageYes (Including underlying mortgage, fees & costs)

No unknown, estimated, or unavailable values are displayed.

Community voices

What residents say

Comments from board members and owners help show how the conversion was experienced inside the community.

“As a Co-op, Harbor Towers was in pretty bad shape financially. We could not sell units for more than $20,000 and there was zero bank financing available. Things were not looking good for the building.”

David Grossman, Managing Agent

“I am very proud of The Hutton Group for the hard work that they did in converting Harbor Towers to a condominium. This was a very difficult conversion because we only had a 15% owner-occupancy ratio at the time. Now we have plenty of bank financing and market values have risen tremendously. We also raised the extra money necessary to replace our windows and to repair the elevator system. Thank you The Hutton Group!”

Dr. Lou Menendez, Board President

Property location