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]
CGfan, if you bought per teh conv plans, you aint turning around to rent it out below your monthly outflow. if you the sponsor, why rent when you’ve waited eons for this day to sell it for bigger profits. net net is I see no reason why anyone would renting out the units at these rents post the conversion being effectuated.
more4less, what do you mean? Are those rents under rent stabilization? If not, is there some reason the owner wants to offer them below market?
CGfan, once the conversion is effectuated, those juicy rents wont be available anymore
The lower $1650 price on Craiglist is for a renovated 1br. However, it was on the 5th or 4th floor walk-up, and was small enough to feel like a studio.
I just looked at that Craigslist link, too. You are right, those apartments are renovated with dishwasher, etc. But, the asking rent is $1,650 – $1,800 for a 1 bedroom, and $2,450 for a 2 bedroom/2 bath. I don’t know the size of these, but if this is market rent, it seems for cost effective to rent rather than pay mortgage and maintenance if your costs are so much higher.
This was built in the 1800s by Alfred Tredway White as “model” housing for the working class.
The exposed stairs and balconies were used to reduce tenement crime and prostitution, common to slum hallways at the time.
Remarkable how our standards for housing have declined!
I’ve seen about 10 units in this building, and while the renovations are nice… I would guess they are about $30k worth of work. So I’m not sure how much they can justify a greater increase based upon that.
I do like the apartments, however.
Beautiful building…disappointing offering plan. I’m a renter. The “insider price” was expected to be $500/sq. ft. but it varies considerably among apts. (from $400-$600 or so per sq. ft from cheapest to most expensive) But even that is erroneous b/c the developer has inflated the square footage (perfectly legal) by including the exterior portions of all apts (mid pt between apt. walls, window sills, fire escapes, door vestibule) in the calculations. If the actual floor area of your apt is 800 sq. ft, the Hudson offering plan calculation could be as much as 15 or 20 percent more (960 ft)!! So if you thought you’d be looking at a $400,000 apt, it’s actually $480,000.
If you buy it and wish to sell it one day, chances are you’ll have to sell it for its ACTUAL USABLE Sq. footage (800 sq.ft) which is $600/sq ft. That’s the hell of square footage calculation. But it’s not the only thing wrong with this plan. They will have a lot of negotiating to do if they want this to fly, starting with significantly lowering either the sq. footage calculations or the price. or both.
CGfan, you and I are on the same page…
… I looked at that Craigslist link, that is nothing like the unrenovated unit I’ve been in. Night and day difference. Not that I’d pay $450k for that Craigslist apt, but if the renovated 1 bed is $450k the unrenovated ones, 1 or 2 bed, had better be $300k or less…