Propeller Works Building (1110 Clinton Avenue, Hoboken, NJ)

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During the height of the housing boom, an existing 28-unit apartment complex which was 85% occupied but in poor physical condition was acquired in the one of the most sought-after locations in New Jersey. This rental building was in disrepair and there were many structural problems that needed to be addressed. Assuming the underlying  mortgage and working closely with the existing lender, we proceeded  to buyout and/or terminate all existing leases. Once this was successfully accomplished, we filed a conversion plan with the State Attorney General. Shortly thereafter, we embarked on an extensive interior and exterior renovation of the building and on-site garage, converting the apartments into 1-3 bedroom condominium units. Amenities such as a rooftop garden and a gym were added and a very competitive pricing plan was put into place in order to move the units as quickly as possible. Working closely with the dominant real estate broker in this area, only 18 months elapsed from acquisition of the rental building to sale of the final condominium unit.