199 Bronx River Road

199 Bronx River Road

25 Charles Street

25 Charles Street

Distressed Asset Intervention

In addition to new developments, Hudson has acted as a substitute sponsor of cooperative conversions, intervening at the behest of lending institutions or owner-shareholders in distressed housing cooperatives. Through the single purpose companies they control, the principals of Hudson have been or are the substitute sponsor/holder of unsold shares in four conversion projects located in Manhattan and Westchester, holding mortgages on three of these buildings.

With each project, the Hudson team has worked to stabilize the buildings and facilitate coop sales. Hudson works closely with management companies to improve operations, create capital improvement strategies for building systems, correct deferred maintenance, and remove existing violations. Hudson also rehabilitates vacant apartments, restructures building debt, pursues allowable rent increases, and constantly strives to improve the buildings’ images, environments, cleanliness, and habitability. These strategies have resulted in positive cash flows for the rental units, improved tenant relations, and improved sales as vacated units are placed on the market.

  • 25 Charles Street, NYC is a 30 unit cooperative where Hudson acquired the 20 unsold units and the underlying mortgage at the request of the few owner occupants.
  • At 99 East Fourth Street, NYC, a 66-unit building with 5,500 square feet of retail space, Hudson acquired the underlying mortgage from Chemical Bank, renovated and sold the vacant apartments, renovated the retail space for medical use, and eventually refinanced.
  • At 199 Bronx River Road, Yonkers, Hudson acquired 33 unsold units in a 75 unit cooperative building from Chase Bank. Hudson stabilized the project and refinanced the underlying mortgage with the National Cooperative Bank.
  • At 472 Gramatan Avenue, Mt Vernon, Hudson acquired 109 unsold coop units and the underlying mortgage from Chase Bank. Hudson stabilized the building and refinanced the underlying mortgage with M & T Bank.


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