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]
“basic luxury”
I like it
christopher, my point exactly. $450,000 for a 900 square foot apartment, especially for one without a decent kitchen and that requires walking up 3 or 4 flights of stairs, isn’t exactly a “bargain” except according to the inflated real estate prices of the recent bubble. It’s still barely affordable for most middle class families with kids who need 2 bedrooms. Even if they stretch to afford something costing half a million dollars, they’d likely prefer getting a basic luxury like a dishwasher for their money. I’m not saying there isn’t someone out there willing to pay those prices — I just don’t know who those people are.
So does this mean that the people that are currently renting either have to move out at the end of their lease or buy?
It’s an interesting building…
… exterior stairs and hallways, no elevator, the iron work is great, but it hasn’t been updated much since it was built.
I’ve been in one of the apartments recently, top floor walk up, and it wasn’t renovated. Small dining area, small living room, 2 “average” (double/queen bed 1 dresser) bedrooms. Bathroom.
The kitchen is basically a hole in the wall off the dining area. About 1 foot of linoleum between the wood floor of the apartment and the fridge (not full size) and the cabinet (it’s small enough that I specifically used the singular).
I’m not sure about the washer/dryer situation but I can’t imagine where you’d put on in the unit (condo style), maybe common ones in the basement…
It’s a great looking building but it does overlook the BQE. It’s down the block from PS 29….
… there are definite merits to it, but from the shape of the unit I was in $500 sqf is a hundo or two too much…
Here’s a current Craigslist listing for Cobble Hill Towers: http://newyork.craigslist.org/brk/nfb/1207370574.html
Decent shape, but looks to be lacking original details.
This truly is a gorgeous building (at least outside), but the location right near the BQE makes it not really feel like part of a neighborhood. It also seems to be a hike from the subway…
Apts have multiple exposures (even 1 bedrooms) and you have your own entrance. Beats any cookie cutter one bedroom anyday.
CGfan, I’m big supporter of rent now buy later. but if you’re going to buy NOW in that hood, I doubt you’ll find anything comparable at 500/sq ft
500 is a steal considering how well they were thought out.
Is $500/squ foot really such a great bargain? What kind of shape are the apartments in? Given how low the rents have been historically, I’d imagine they aren’t in the best of condition, and are there dishwashers/washing machines? Maybe during the height of the market, but as prices return to where they were historically, it doesn’t seem like such a great deal, especially if you can rent a similar apartment for less than your mortgage and maintenance.