Yesterday a press release went out saying a “negotiated settlement” at the historic 188-unit Cobble Hill Towers on Hicks Street means “residents will be able to purchase their units at a substantial discount, and it is expected that over 30% of the residents will purchase their units or agree to a buyout.” It also said around a quarter of the buildings’ apartments will be available for market-rate sale. (Corcoran’s current listings for the building are running from $315,000 for a 410-square-foot studio to $577,500 for an 860-square-foot two-bedroom.) Developer Hudson Companies (of the Third & Bond blog) entered into a joint-venture agreement with the towers’ longtime owner nearly three years ago. According to a spokeswoman for Hudson, the insider discount for tenants in the building buying units is around 30 percent off the market-rate prices and the apartments that aren’t being sold to tenants or put on the market will continue to be rented until they’re vacated; as that happens, they’ll be renovated and put up for sale.
Condo Plan Approved at Cobble Hill Towers [Brownstoner]
Cobble Hill Towers Condo Plan Drops [Brownstoner]
Exclusive: Hudson To Partner on Cobble Hill Towers [Brownstoner]