Case Studies · Queens, NY

Co-op to Condo Conversion in Queens, NY

Queens is Hutton's deepest New York market: four completed conversions, 140 units, spanning Rego Park, Richmond Hill, and two separate buildings in Kew Gardens. Our most recent New York closing, completed 2025, was the first NYC co-op-to-condo conversion in over a decade.

Completed conversions

140

Units converted

Documented case studies below

2025

Most recent Queens closing

109-18 Lefferts Condominium residential property in Kew Gardens, Queens

Last reviewed: September 6, 2026

How many conversions has Hutton completed in Queens?

Four, totaling 140 units. Delmar Condominiums in Rego Park (36 units, converted from a 1981 co-op, closed 2007). 109-18 Lefferts Condominium in Kew Gardens (24 units, built 1983, closed 2007). A building in Richmond Hill (40 units). And 82-04 Lefferts Blvd, also Kew Gardens (roughly 40 units, closed 2025). The two Lefferts Blvd buildings are separate, unrelated conversions at different addresses on the same boulevard; we keep them clearly distinct.

Is Queens a strong co-op market?

Yes, and more so than most people assume. Queens carries one of the highest co-op concentrations of any New York borough, largely a legacy of 1970s and '80s conversions during the city's fiscal crisis. That density is part of why Queens is our strongest New York borough by deal count: there's simply more co-op inventory here to work with.

What made the 2025 Kew Gardens deal significant?

82-04 Lefferts Blvd closed after roughly six years in which New York's 2019 tenant-protection rule (HSTPA) made most rental-to-condo conversions functionally impossible, freezing much of the broader conversion market with it. Our 2025 closing there, the first NYC co-op-to-condo conversion in over a decade, ran through the co-op shareholder-vote path, which operates on different rules than the rental-conversion threshold that froze the market. It's a live example that the co-op-to-condo route kept working for the right building even while rental-to-condo conversion stayed largely stalled citywide.

Are Delmar and the Lefferts buildings different kinds of deals?

Similar mechanically, different in scale and era. Delmar's 36-unit building converted in 2007 with values moving from $138,000 to $255,000 per unit and $5 million in funding arranged. 109-18 Lefferts, 24 units, converted the same year with values matching our published case-study figures exactly: $150,000 to $250,000. Both ran on the same core mechanism 82-04 Lefferts used nearly two decades later: a two-thirds shareholder vote, an offering plan, and a deed-by-deed closing.

Documented case studies

Queens conversions with a published record

The Richmond Hill building and the 2025 Kew Gardens closing are documented in the registry but have no published case-study page on this site yet.

24-unit Queens conversion

109-18 Lefferts Condominium

109-18 Lefferts Blvd., Queens, New York

24 Units

36-unit Queens conversion

Delmar Condominiums

64-48 Booth Street, Rego Park, Queens, NYC

36 Units

Track record on this topic

4 completed Queens conversions, 140 units, including the first NYC co-op-to-condo conversion in over a decade. Jack Boyajian, Hutton’s President, has led Hutton’s conversion practice since 1992 and has converted more than 7,500 units across his career. If your Queens co-op board wants a straight read on whether conversion works for your building right now, a feasibility study costs nothing to start.

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