The Co-op to Condo Conversion Specialists™

Berkley Arms

 Berkley Arms
Date Converted
New Jersey

Property Information

Location Hackensack, New Jersey
Number of Units 120
Year Converted to Co-op 1980
Year Converted to Condo 2002

  1. Berkley had a HUD Underlying NON PAY-ABLE Mortgage.
  2. Just before conversion to condos, units were selling for 1/3 of their original prices paid by shareholders 15 years prior.
  3. The Co-op Association had to buy back 10% of the units from the Sponsor, but these units would not sell as co-ops.

  1. ROA Hutton negotiated with underlying lender for the right to prepay and re-duced pre-payment penalties.
  2. Market values of the condos immediately increased THREEFOLD and have been climbing ever since.
  3. Units, now sold as condos, provided nearly $1 Million in reserve for the Asso-ciation thereby eliminating the need for a special assessments.

What Owners Say About Their Conversion

“I'm happy to report that our conversion experience showed ROA to be professional, committed to our pro-ject, knowledgeable and fortified with the experience that only comes from having successfully converted other associations.”

Brigit Ruvolo
Brigit Ruvolo
Property Manager

“The Conversion to Condo was WONDERFUL! I am very happy! It is a very positive thing for the community. As a Co-op it was very difficult to sell. Units would sit on the market for months. Now, as a Condo they sell in a matter of days - if not hours. There is nothing negative to say about the results of converting.”

Betty Garcia-Former
Betty Garcia-Former
Board Member

Results from the Conversion of Berkley Arms

Value as a Cooperative


Add: Conversion Obligation(Including underlying mort-gage, fees & costs)


Total Investment


Condominium Values after Conversion


Net Increase in Wealth (Equity)


PDF of Case Study: Berkley Arms