Case Study

Park Hudson Condominiums

216-unit North Bergen conversion

Property location

9060 Palisade Ave, North Bergen, NJ

216

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 (Underlying mortgage, Garage Assessment; fees & closing costs only)

The transformation

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

Units were extremely undervalued, selling at a third of comparable condominiums in the area.

The building desperately needed new windows and updated hallways but lacked the funds.

As a co-op, few lenders were willing to provide financing to new buyers at competitive terms.

After conversion

Immediately after conversion, units were selling at 3 to 4 times the price as a condo compared to a co-op.

Hutton raised $750,000 for new windows and hallway renovations through the conversion.

Hutton obtained Fannie Mae approval which opened the door to thousands of condo lenders.

Project record

The source record does not provide a complete financial return table for this project, so only the project's scope is shown.

Units Converted216

Underlying MortgageYes (Underlying mortgage, Garage Assessment; fees & closing costs only)

No unknown, estimated, or unavailable values are displayed.

166 units | NJ

120 units | NJ

193 units | NJ

Could your building see similar results?

Every co-op is different, but the conversion fundamentals repeat. A feasibility study translates them into your building's numbers and constraints.