Cobble Hill Towers conversion plans in place

March 07, 2011 04:10PM

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