Cobble Hill Towers conversion plans in place

New York /
Mar.March 07, 2011 04:10 PM

Purchase terms for unit buyers have been set at Cobble Hill Towers, the Hudson Companies and the Cobble Hill Towers Tenant Association announced today. Hudson is in the process of converting the historic landmark building, at 431 Hicks Street, to condominium ownership through a non-eviction plan. As a result of the settlement, residents will be able to purchase their units at a substantial discount, and it is expected that over 30 percent of the residents will purchase their units or agree to a buyout. An additional 25 percent of the units are available for sale to the public through the Corcoran Group. One bedrooms start at $320,000 and two bedrooms begin at $475,000. The agreement also allows residents to purchase other vacant apartments at a discount. As a result, several tenants are purchasing neighboring units to expand their residences, while other tenants 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. TRD


Related Articles

arrow_forward_ios
49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)
Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)
Welcome to Queens: Corcoran opens first borough outpost
Welcome to Queens: Corcoran opens first borough outpost
Corcoran CEO & President Pamela Liebman (Credit: iStock)
Corcoran begins new lead-gen push via Facebook ads
Corcoran begins new lead-gen push via Facebook ads
Hudson Companies lands $210M condo loan on BK Heights tower
Hudson Companies lands $210M condo loan on BK Heights tower
Hudson Companies lands $210M condo loan on BK Heights tower
Hudson Companies President David Kramer and Comptroller Scott Stringer. (Getty)
Stringer-endorsed development plan falls short of his campaign proposal
Stringer-endorsed development plan falls short of his campaign proposal
Joe Riggs, principal at Hudson Companies. (Getty, Hudson)
NYC pension funds make $250M bet on new housing
NYC pension funds make $250M bet on new housing
Cobble Hill residents are complaining about a sharp whistling noise coming from a luxury condo at 347 Henry Street. (Douglas Elliman, Getty)
A shrill in Cobble Hill: Eerie noise from condo tower haunts locals
A shrill in Cobble Hill: Eerie noise from condo tower haunts locals
David V. Johnson and Corcoran CEO Pamela Liebman. (Liebman ph: Marc Scrivo, Oil Nut Bay)
Corcoran launches first international franchise in British Virgin Islands
Corcoran launches first international franchise in British Virgin Islands
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...