We're hearing that some tenants at the historic Cobble Hill Towers have begun receiving their Red Herring Condo Offering Plans in the mail. The wheels for the conversion were set in motion a little more than a year ago when long-time owner Frank Farella entered into a joint venture with the Hudson Companies to reposition the 186-unit complex. From what we gather, current tenants (or any new tenant that rents an apartment before the condo plan is approved by the Attorney General towards the end of this year) will have the option to purchase their units at an insider price of $500 per square foot; they'll have 90 days from when the plan is approved to exercise this option.
Cobble Hill Towers May Go Co-op [Brownstoner] GMAP
Exclusive: Hudson To Partner on Cobble Hill Towers [Brownstoner]
