In 1992, The Hutton Group, Inc. (“Hutton”) was formed as a New Jersey Corporation that specialized in co-op to condominium conversion and diversified real estate development and services including land development, construction, brokerage and property management.
From 1992 to 1995, Hutton managed the re-development and marketing of the first modern-day conversion of a cooperative to a condominium in the greater New-York area with the complex known as Waters Ebb in Edgewater, New Jersey. Jack Boyajian and the Hutton Team made history in the area by completing the conversion to a condominium, selling units at higher prices and arranging financing that otherwise would not have existed, all of which led the complex out of foreclosure and bankruptcy.
From 1995 to 1999, Hutton continued to expand its management and development divisions with several residential and mixed-use project developments. In 1999, Residential Ownership Alternative (“ROA”) approached Hutton to take-over the conversion of a Hackensack, New Jersey cooperative’s conversion to condominium. By that time, ROA had converted several co-ops in the Northern Virginia marketplace and had just begun to expand into other territories but realized that they did not possess the experience or the resources to complete the conversions. A year later, in 2000, Hutton acquired ROA and formed a new entity, ROA Hutton, LLC to manage all co-op to condo conversion.
From 2000 to 2007, ROA Hutton went on to manage the conversion of thousands of cooperative units throughout the country to a condominium with startling success, where every community experienced immediate appreciation in unit values and unlimited number of lenders for existing and new owners. Jack Boyajian and his team converted co-ops in geographically diversified areas including New York, New Jersey, California, Michigan, Florida, Ohio, Illinois and Minnesota.
For three to four years beginning in mid-2008, ROA Hutton transformed and adjusted its systems, programs and conversion plans to accommodate the unprecedented collapse of the real estate market and in specific the co-op sub-markets all around the USA that experienced near collapse. The ROA Hutton team led by Jack Boyajian helped to reduce or restructure the debt load of these communities and their owners, lowering monthly expenses and enhancing market values during very difficult times. For many, the conversion to condominiums was the only way to save their homes and communities.
Starting in 2012, Hutton and ROA Hutton were restructured whereby The Hutton Group re-claimed its legacy as the nation’s specialist in Co-op to Condominium Conversion™. Using the knowledge gained from doing the most co-op to condo conversions of any other entity in the country by ten-fold, Hutton has formulated new programs and conversion plans with lower costs, better loan programs and stream-lined conversion process. These include programs like AIP (All-in-Plan) where every unit in the community instantly becomes a condominium with little to no out-of-pocket costs. Hutton continues to offer no-cost feasibility studies for any co-op wishing to evaluate the potential of conversion to condominiums.
Hutton’s Development Team has been active in development project both domestically and around the world. The team is in various stages of development of residential, commercial and hotel projects across the globe.