We’d received some tips over the last few days and now we have confirmation via a press release that the condo plan for Cobble Hill Towers has been approved by the State Attorney General. (We reported that the red herring had been circulated last June.) As you may recall, the longtime owner of the historic nine-building complex on Hicks Street between Baltic and Warren Streets entered into a joint venture agreement with The Hudson Companies, developer of J Condo and Third & Bond (among others), to upgrade and gradually convert to building to condominiums. Current renters will get a shot at purchasing their units at a discount: $230,000 for a studio up to $595,000 for a three-bedroom. No pressure though: Residents who do not buy can continue to rent. As for market-rate pricing, a couple of listings are up on Corcoran now: This one-bedroom for $350,000 and this two-bedroom for $500,000. In related news, a number of upgrades have already happened at the building, including the renovation of several hallways (photos on the jump) and the restoration and mechanization of the gates that lead to the courtyards.
Cobble Hill Towers Condo Plan Drops [Brownstoner] GMAP
Hudson To Partner on Cobble Hill Towers [Brownstoner]