Since the plan to go condo became official last summer, developer Hudson Companies and the tenants of Cobble Hill Towers have been in negotiations over the insider prices to be offered to current building residents. With accusations that the insider pricing was still too high and rumors of rent increases, things were tense. But yesterday, according to Brownstoner, the Hudson Companies announced that a pricing agreement has been reached: tenants can pay about 30 percent less than the market-rate prices, which currently range from $315,000 to $577,500. The developer believes more than 30 percent of residents will nab apartments at those prices or take the buyout offer. And some of them, The Real Deal notes, are even buying up extra units with combos in mind.
So has everything at Cobble Hill Towers calmed down? Doesn't seem like it! A number of tenants pipe up in the Real Deal comment thread to complain that the insider pricing is still too high for most building residents, especially given the renovations needed. Some worry that the developer will force them out, but the Hudson Companies says apartments not being listed or sold to tenants will still be rented out.
· Cobble Hill Towers: 30% Buying/Being Bought Out ['Stoner]
· Cobble Hill Towers conversions plans in place [Real Deal]
· Cobble Hill Towers coverage [Curbed]