Built more than a century ago as housing for the poor, the nine low-rise brick buildings that make up Cobble Hill Towers lack many amenities found in the modern condominiums of today: doormen, elevators, a location not next to an expressway, etc. But it's still Cobble Hill, which means we can all agree that getting a two-bedroom apartment for less than $500,000 is a bargain?and some renters in the building are getting just that. Today's Times Appraisal column penned by Christine Haughney adds some faces to the numbers at Cobble Hill Towers, where a slightly controversial condo conversion is giving tenants the chance to buy their apartments at 30% discounts.
So far 9 residents in the 188-unit complex have taken the offer, including the couple who snagged their 2BR, which they've been renting since 2009 for $2,500 a month. They never thought they'd be able to buy a place in the neighborhood, the inner courtyard reminds them of a college quad, yatta yatta. The developers expect half of the residents to buy, and if they do, prices could drop to $459 per square foot, not including the renovations that many owners will likely shell out for. Anyone who recently rented a place in the 'hood not at Cobble Hill Towers feel like sticking a bag over their head?
· Towers Built for the Poor Hear Call of the Condo [NYT]
· Cobble Hill Towers coverage [Curbed]
[Photo via Lost City.]