The condos at historic Cobble Hill Towers are more than 30 percent sold, said David Kramer, principal of the Hudson Companies Inc., which is renovating parts of the property and handling the condo conversion. “We’ve been doing quite well with sales in the last three months. Partially because success begets success and partly because market is strong,” he said. Wells Fargo offers financing with 20 percent down; some current residents are unhappy FHA financing is not available, according to a Brownstoner reader. Hudson expects to reach the 50 percent sales mark and then get FHA financing sometime over the next 18 months, said Kramer. Current tenants of the rent-stabilized and rent-controlled complex, which is located at Warren, Hicks, & Baltic streets, have the option of continuing to rent, taking a buyout or buying their apartments.
There is also a rent-to-buy option. The conversion had hoped to get a waiver and FHA financing before reaching 50 percent and is still pursuing that option, added Kramer. Because the units are small, most are priced at less than $400,000. The landmarked nine-building complex was designed by William Field & Son and built in 1879 by wealthy industrialist Alfred Tredway White as model housing for workers. The apartments are linked by external hallways and stairs, and originally featured common bathing facilities in the basement.
Cobble Hill Towers: 30 Percent Buying or Being Bought Out [Brownstoner]
Cobble Hill Towers Condo Plan Drops [Brownstoner] GMAP
Photo by Hudson Companies Inc.
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