high rise residential

Hudson Reaches ‘Insider’ Deal with Cobble Hill Tenants

The Hudson Companies and the Cobble Hill Towers Buyers Group have reached an agreement on terms for the purchase of apartments at Cobble Hill Towers.

Hudson is in the process of converting the landmark building to condominium ownership through a noneviction plan.

As a result of the negotiated settlement, residents will be able to purchase their units at a “substantial discount,” and it is expected that over 30% of the residents will buy their units or agree to a buyout. An additional 25% of the units are available for sale to the general public.

Hudson principal David Kramer said, “A large group of tenants saw the opportunity to own their own home, in a residence they already know and love.

“We’re very conscious of the fact that Alfred Treadway White developed iconic worker housing in 1879 and that the second heroic phase occurred in the late 1970’s when Frank Farella saved Cobble Hill Towers from arsonists and thugs to redevelop affordable rental housing. We see this as the appropriate
third phase — the chance for middle class Brooklyners to own their own homes and enjoy the most compelling sales prices in all of Brownstone Brooklyn.”

Amanda Abry, a tenant who is buying her apartment, said, “My family loves living here. It’s everything we love about Cobble Hill — beautiful architecture, a unique and historic building, and a sense of community in the middle of a big city. The courtyard is like having a huge backyard – we’re especially looking forward to using it this spring.

“We are excited to be in contract to buy the apartment we have been renting, and that we’ve had the opportunity to do so at an insider price. This is our only opportunity to ever own an apartment in this neighborhood.”

Vacant apartments are available for sale to the public through The Corcoran Group. One bedrooms start at $320,000 and two bedrooms at $475,000.

“We have been overwhelmed with requests from the first day that we went on the market,” said Leslie Marshall of the Corcoran Group, exclusive brokers on the project. “Buyers have been looking at, and making offers on, every one, two and three bedroom apartment that we have on the market. Surprisingly, they are just as interested in the unrenovated apartments where they can do their own upgrading, as they are in the completely renovated, move-in ready units.

“They are attracted by the prime Cobble Hill location, the excellent schools and other amenities in the neighborhood, and the prices, which are less than other condos being sold in the vicinity.”

In addition, one of the critical terms of the agreement between Hudson and the current tenants allows residents to purchase other vacant apartments at a discount. As a result, several tenants are purchasing neighboring units to expand their homes, while other tenants who may have admired other apartments from afar are purchasing units where they do not reside and will be relocating to their new homes. The first closings are expected to occur in early summer.

Cobble Hill Towers is a nine-building complex with 188 units facing Warren, Baltic and Hicks Streets. Built in 1879, the buildings enclose two private landscaped courtyards. Apartments have views of Manhattan’s financial district and around Brooklyn.

The Hudson Companies partnered with the long-time owner of Cobble Hill Towers, Frank Farella in 2008, and has been managing and upgrading the buildings since then. In addition, Hudson initiated the approved non-eviction condominium conversion plan, which allows for tenants who do not purchase their apartments to remain as renters.

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