Marilyn Manor | The Hutton Group

Client: Marilyn Manor
Date Converted: 2002
Location: New Jersey
Building Website: Visit online

Property Information

Location	Hackensack, New Jersey
Number of Units	36
Year Converted to Co-op	1986
Year Converted to Condo	2002

Before Conversion

As a Co-op

After Conversion

As a Condo

Building suffered from market stigma of a failed co-op from early 1990’s.

High investor concentration with owners forced to rent units due to low co-op market values.

Co-op was forced to take back 20% of units due to abandonment by defaulting shareholders.

Post-Conversion marketing has revived interest in the building as a condominium with units selling within days at 3x to 4x that of co-op prices.

Higher condo prices and restrictions in the new governing documents prohibiting sale to investors has doubled the owner occupancy in the building.

Sale of these units at condo prices will create hundreds of thousands of dollars in reserves, virtually eliminating the need for future special assessments.

What Owners Say About Their Conversion

"While I understood the benefits of converting my coop to condo, I was surprised by how smoothly the paper work part of the process went. ROA Hutton professional guidance prepared our association for the transition from Coop to Condo."

Mickey Dickenson
Board Member

Our building suffered greatly from low prices, lack of funds and low owner interest and participation. We are now in great shap thanks to ROA Hutton. We have our building back in control. There are more owners in the building and we enjoy a terrific market acceptance of our condo units.

Martha Pressley
Board President

Results from the Conversion of Marilyn Manor

Value as a Cooperative	$30,000
Add: Conversion Obligation(including underlying mortgage, fees & costs)	$33,000
Total Investment	$63,000
Condominium Values after Conversion	$145,000
Net Increase in Wealth (Equity)	*$82,000*

PDF of Case Study: Marilyn Manor Case Study

Back to list