cobble-hill-towers-0609.jpg
We’re hearing that some tenants at the historic Cobble Hill Towers have begun receiving their Red Herring Condo Offering Plans in the mail. The wheels for the conversion were set in motion a little more than a year ago when long-time owner Frank Farella entered into a joint venture with the Hudson Companies to reposition the 186-unit complex. From what we gather, current tenants (or any new tenant that rents an apartment before the condo plan is approved by the Attorney General towards the end of this year) will have the option to purchase their units at an insider price of $500 per square foot; they’ll have 90 days from when the plan is approved to exercise this option.
Cobble Hill Towers May Go Co-op [Brownstoner] GMAP
Exclusive: Hudson To Partner on Cobble Hill Towers [Brownstoner]


What's Your Take? Leave a Comment

  1. I’m in a renovated unit, which is at current market rental rates (comparable to similarly sized units across the ‘hood that i saw). They did a really great job with the renovations (stainless steel appliances, dishwasher). We face the BQE and barely hear it. For this type of unit, the offering price could be a steal. Not sure about for the unrenovated units. I have a feeling this offering is a better deal for newer tenants paying market rates than those who have been there for ages.

    There will be laundry for the complex within the next few weeks– another one of the improvements they have been making.

  2. This building is mostly rent stab but I believe HUDSON has been decontrolling units as they become vacant. Just say a one-bedroom, under Rent stab, rents for $1,000.
    When the tenant leaves, HUDSON puts $32,000 in renovations into the unit. 1/40 of these costs are put into rental charge. This, plus vacancy increase factors, brings the unit price to $2,000 a month. THe apartment is taken out of rent stab and HUDSON can rent for anything they want.

    I believe less desirable one bedrooms go for $1600 and more desirable ones go for $1750. This is a quirk of rent stab.
    The legal rent not actual (preferred rent) must be over 2000 to take out of rent stab…. If there is a J-51, the unts stay in rent stab no matter the monthly rent of the unit

    Building is old and needs a lot of work. Dont know about boiler, plumbing and other systems. There is no laundry room — people go to the laundromat on Henry bet. Baltic and Kane. Typically it is hard to put washer/dryers in these units due to limitations of gas lines and water system. Because building is pre-1931, it is subject to NYC Local Law 1/2004, the lead-based paint law, which can be very expensive to follow… I guess the maintenance/common charges will be high. Maybe, they will initially be low but operating expenses will probably push maintaince/common charges much higher.