The Co-op to Condo Conversion Specialists™

Harbor Towers

 Harbor Towers
Date Converted
New Jersey
Building Website
 Visit online

Property Information

Location West New York, New Jersey
Number of Units 198
Year Converted to Co-op 1982
Year Converted to Condo 2001

  1. The Co-op suffered for years from extremely low market values – under $10,000 for some units.
  2. The Co-op had a very high number of bank foreclosures, delinquencies and Co-op owned units with little reserves for replacement.
  3. The sponsor still owned over 25% of the units in the building – they were unable to sell units at reasonable prices.

  1. One and Two-Bedroom models have increased in market value by over 300% post-conversion
  2. Because of higher condo values, ROA Hutton was able to create a reserve fund for a window replacement program and to replace the elevator system
  3. Sponsor immediately began to renovate and sell units to owner occupants creating a better community of responsible condo owners.

What Owners Say About Their Conversion

“As a Co-op, Harbor Towers was in pretty bad shape financially. We could not sell units for more than $20,000 and there was zero bank financing available. Things were not looking good for the building.”

David Grossman
David Grossman
Managing Agent

“I am very proud of ROA Hutton for the hard work that they did in converting Harbor Towers to a condominium. This was a very difficult conversion because we only had a 15% owner-occupancy ratio at the time. Now we have plenty of bank financing and market values have risen tremendously. We also raised the extra money necessary to replace our windows and to repair the elevator system. Thank you ROA Hutton!”

Dr. Lou Menendez
Dr. Lou Menendez
Board President

Results from the Conversion of Marilyn Manor

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: Harbor Towers Case Study