The Co-op to Condo Conversion Specialists™

Delmar Condominiums

 Delmar Condominiums
Date Converted
New York

Property Information

Location Rego Park, Queens, New York
Number of Units 36
Year Converted to Co-op 1981
Year Converted to Condo 2007

  1. Unit values were stagnant in an otherwise rising real estate market for the past five (5) years.
  2. The Co-op was unable to obtain a 2nd mortgage with favorable rates or terms; the banks required high reserves and onerous prepayment penalties.
  3. As a co-op, some owners were unable to refinance or secure home equity loans since unit values remained low compared to the loan amount they needed.

  1. Soon after conversion, units as condominiums are selling at nearly twice (2X) the prices they sold for as co-ops.
  2. Unit owners were able to finance their share of the 1st and 2nd mortgages at very favorable interest rates and NO prepayment penalties.
  3. During the conversion, every owner had the opportunity to finance up to 95% of their unit’s CONDOMINIUM VALUE, allowing them to “cash-out” their new found equity without selling their unit.

Results from the Conversion of Delmar

Value as a Cooperative


Add: Conversion Obligation (Including underlying mortgage, fees & costs)


Total Investment


Condominium Values after Conversion


Net Increase in Wealth (Equity)


PDF of Case Study: Delmar Case Study