Cobble Hill Towers Condo Plan Drops
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…
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]
Our toilet was in the backyard until we moved house in 1976. As a kid I was petrified of going to the loo in the dark.
Mopar: I recall the original plans for this complex.
Their great improvement over contemporary tenements was that they provided each family with a lavatory and separate kitchen.
The lavatory wasn’t a full bathroom, more of a toilet closet. And the kitchens and “livingrooms” were often combined. But even these minimal amenities marked a big advance for working people who were accustomed to toilets in the public hall or backyard.
White, like other reformers of his period, was anxious to enforce the family autonomy missing in the “promiscuous” public life of slum tenements at the time.
But he suffered the limitations of his period, too. Occupancy was limited to white Christians — at a time of explosive immigration by European Jews and when African Americans were squeezed into Manhattan’s “Tenderloin.”
OMG, I cannot believe this is turning condo. The builder was an idealistic private developer who created this building as an enlightened improvement for working class people. There was, however, an unusual choice that might be considered a tiny glitch today: The bathrooms and the kitchens were communal and were located in the basement. I kid you not.
Zed – that’s not inflated. That’s how all apartment square footagesd are calculated in all offerings plans. SO in fact, that is an “apples-to-apples” comparison with other prcing on the market.
Alfred White’s philosophy was “charity plus five percent”
Meaning that he expected his good works such as this complex and the one in Brooklyn Heights to return a profit. The tradition of building decent, modern, airy housing for the working poor was continued through the twentieth century by the State and City governments. Many of the housing project, disparaged by some on this very blog, did provide housing that was a huge step up from the filthy, dark, fire traps where many poor and near-poor citizens raised their families.
One of the important amentites of this building is the interior courtyard, which is like a private park. However there are no elevators and while there is cross-ventilation in every apartment, they are small units. I think the offering price is high and will probably be reduced through the usual process of negotiations that take place in a non-eviction plan such as this one. Many who pay a pittance in rent will probably not deem it worth it to buy, and they could be right, renter’s rights are extremely strong. But in general the conversion of this fine building to owner-occupancy is a good thing. I do not believe White would mind, as long as the sponsor makes a decent profit.
This is an absolute betrayal of the building’s original purpose. They were built by philanthropist Alfred Treadway White, who believed the poor, working people deserved to live an attractive, comfortable housing. In today’s New York, White would be laughed out of town.
is the $500/sf locked or that something that can be negotiated individually btwn buyer and sponsor?
Been kicking the tires on renting here with the intent on buying, but waiting to see the details of the OP. Gotta say, I’m pretty disappointed w/ $500/sf. Even more wary of what zed describes above. Having been inside two apartments here, 500 is way off the mark. What a shame. Please do keep us updated on what’s happening here though. thanks.
The building is really nice looking from the outside and back in the day it was built for the working class. The $500 psft insider deal is a ripoff. This is the lowest ceilings I have ever seen for residential living. It is sub 8′. Can’t do anything about that. The $500 psft is a rip-off considering market rate projects will have to drop to around $450-$550 to sell.