Case Study

Marilyn Manor

36-unit Hackensack conversion

Property location

300 Lookout Ave, Hackensack, NJ 07601

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

Building suffered from market stigma of a failed co-op from early 1990s.

High investor concentration with owners forced to rent units due to low co-op market values.

Co-op was forced to take back 20% of units due to abandonment by defaulting shareholders.

After conversion

The documented outcomes

Post-Conversion marketing has revived interest in the building as a condominium with units selling within days at 3x to 4x that of co-op prices.

Higher condo prices and restrictions in the new governing documents prohibiting sale to investors has doubled the owner occupancy in the building.

Sale of these units at condo prices will create hundreds of thousands of dollars in reserves, virtually eliminating the need for future special assessments.

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 Converted36

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.

“While I understood the benefits of converting my coop to condo. I was surprised by how smoothly the paper work part of the process went. The Hutton Group professional guidance prepared our association for the transition from Coop to Condo.”

Mickey Dickenson, Owner and Board Member

“Our building suffered greatly from low prices, lack of funds and low owner interest and participation. We are now in great shap thanks to The Hutton Group. We have our building back in control. There are more owners in the building and we enjoy a terrific market acceptance of our condo units.”

Martha Pressley, Board President

Property location