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JV to Manage Historic Portfolio

NEW YORK CITY-The owner of Cobble Hill Towers enters a $34-million JV to convert the 188-unit, nine-building complex into for-sale housing.

By Paul Bubny | Updated on November 13, 2008

NEW YORK CITY-The owner of Cobble Hill Towers, a nine-building rental apartment portfolio at 419-35, 445 Hicks St. in the Cobble Hill section of Brooklyn, has entered into a joint venture with an equity partner in a transaction valued at $34 million. Hudson Cos. will take over operations of the complex, with the eventual goal of converting the properties to private ownership, says Massey Knakal Realty Services’ Kenneth Freeman in a release.

Freeman, senior director sales at Massey Knakal, tells GlobeSt.com the time frame for the conversion to for-sale housing is two to three years, “depending on the market.” Although securing a JV partner was the goal of owner Frank Farella, Freeman says it isn’t typical.

“I can’t say I’m seeing more joint ventures,” Freeman says. “Partnering with a stranger is a difficult way to conduct business, and although I think there are more owners/developers who would like a JV partner to enter their projects now because of tough times, the guys with cash are picking their spots very carefully.”

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