Case Study
The Stratford House
133-unit Hackensack conversion
Property location
150 Overlook Ave, Hackensack, NJ 07601
133
Total Units
NJ
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
Out of 133 total units, The Stratford House only sold 4 units in the 12 months prior to conversion
The Stratford House was considered ineligible for competitive bank financing
Suffered for years from slow sales and extremely low market values as compared to comparable condos.
After conversion
The documented outcomes
In the first year after conversion to condos, 24 units sold with rapid market absorption at The Stratford House.
Fannie Mae approval allows buyers to purchase with a downpayment as low as 3% and at the best interest rates in the market.
Monthly carrying costs for most owners have gone down significantly in some cases by over $200 per month
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.
Community voices
What residents say
“Financing was always difficult to obtain as a Cooperative. Banks were unwilling to lend money based upon their past unfavorable experiences with Co-ops.”
Peter Vallas, Unit Owner
“Literally overnight, our equity has substantially increased and the number of sales we have had since our conversion surpass any sales volume since our original conversion to Co-op 20 years ago.”
Steve Muhlstock, President
Property location
The Stratford House
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