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June 26, 2007

The Belltel Lofts: 40 Percent Sold

Since sales started last Fall, roughly a hundred buyers have dialed in to buy a place at the former New York Telephone Company building at 101 Willoughby Street that's better known in real estate circles these days as the Belltel Lofts. When the listings were first released in October, we opined that "the apartments look pretty attractively priced." There's been only one round of price increases since (all in the 2.5 to 5 percent range), so our original statement still stands. No one's going to dispute the architectural merits of the iconic art deco exterior and the interior reno by Beyer Blinder Belle look pretty nice too. As is the case with all of the new buildings planned for this part of Downtown Brooklyn, services are the big question mark. We're optimistic they will come, but that's also why these places (about 150 of which remain) seem like a relatively good bargain right now. Any readers out there who're in contract here? What sealed the deal for you?
The Belltel Lofts [Douglas Elliman] GMAP
The Floodgates Open at 365 Bridge Street [Brownstoner]
Downtown Art Deco Icon Going Condo [Brownstoner]

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Comments

I'm in contract at BellTel - for me the 'services question mark' isn't much of a concern. There's so much coming into the area, from the several hotels going up or expanding to the many residential developments in the works (Oro, 110 Livingston, Albee Square, and on and on) that it seems inevitable that retail will follow. And transportation is about ideal - 10 subway lines within 4 blocks and a parking garage under the building.

The biggest drawback in my mind is that we'll be living in a construction zone for several years, including right across the street (the Willoughby retail development that is kicking out Bagel Guys, etc). Obviously its necessary for the services to come, and it'll be good in the long run, but it will be a dusty and noisy couple of years.

Posted by: EJ at June 26, 2007 12:03 PM

How do these places compare to One Hanson place? Anybody seen both who can compare?

I heard a lot of the Beltel lofts were dark with "home offices". I also see on the floorplans that some rooms with windows are also called "home offices" Is that because of some lot line window issue?

Posted by: Anonymous at June 26, 2007 12:44 PM

I'm in contract at BellTel too. What sealed it was the great deal we got for the square footage. The area is coming up so we're excited about that. We selected over Oro and Forte bec/ we didn't want to be that close to the projects (although Forte is not too close and Fort Green park is beautiful). One Hanson is gorgeous but already out of our price range for the square footage we have at BellTel

Posted by: Anonymous at June 26, 2007 12:51 PM

I can only speak to my unit, which has "home occupancy" instead of bedrooms - in my case, it is because of lotline windows. But they're along the Catholic church and its rectory, which takes up the rest of the block. So nothing blocks the windows and given the landmark status of BellTel and the houses on the block, there isn't much concern that something will end up abutting the lot.

Also, it should be noted that the floorplans out on the net are just of floors 4 - 9; as each level sets back, the floorplans change dramatically and there are fewer such arrangements (and after the second setback, no "home occupancy" rooms vs. bedrooms).

Posted by: EJ at June 26, 2007 12:56 PM

How is Belltel only 40% spoken for when 110 Livingston (which is pricier and had more units) is nearly sold out?

It seems like Oro is selling faster as well...any particular reason why this is the case? Anything strikingly wrong with Belltel?

Posted by: Anonymous at June 26, 2007 1:48 PM

anon 1:48

if you have the chance to pay a visit to the belltel, oro and 110, you will easily come to the obvious conclusion as to why sales at the belltel are slower, despite being cheaper on a per square foot basis.

Posted by: monito at June 26, 2007 1:56 PM

monito don't keep us in suspense - why are sales slow? I'm looking at the listings and they do seem cheap on per square foot basis. Is it the home office situation? Something with the finishes? Location? I need to know...

Posted by: Anonymous at June 26, 2007 2:10 PM

EJ, I hope you can open your windows of a Sunday morning...at St. Boniface, we have a stupendously wonderful choir whose angelic voices may float up to mingle with the smell of your morning coffee...(and you'll be welcome anytime to check us out at ground level...)

Posted by: Brenda from Flatbush at June 26, 2007 2:11 PM

Brenda, that sounds like a wonderful way to spend a Sunday morning (and most certainly a more pleasant sound than what we'll be getting Monday - Friday for a while).

I do hope the developer/contractors have been good neighbors to St. Boniface, by the way.

Posted by: EJ at June 26, 2007 2:15 PM

Brownstoner, where did you get the info that 100 have been sold? From street easy, it looks like the number is 63.

I'm a buyer at Belltel and concur w/ the above posters that price/sq. foot, plus the very high ceilings were important factors.

Others may prefer the prefab crap at Oro, but I like the historical character at belltel (also liked 110 livingston, but it was more expesive).

Despite all the negative comments about the deep lofts w/ only two windows and "home occupancy" rooms, these seem to be the units that are selling the best.

Posted by: Anon at June 26, 2007 2:17 PM

2:17, I've heard ~100 were sold as well - it was from two different sales people at Elliman (on different dates). It could be that they're counting contract out, but in any event, Street Easy has said 63 for over a month now, and I am personally aware of 5 contracts signed since then.

By the way, the 2nd and 3rd floors both got 10% price increases, so 'Stoner's comment about 2-5% increases only is wrong.

Posted by: Anon at June 26, 2007 2:23 PM

(by the way, I'm not saying only 5 have gone to contract in the last month, only that I am aware of 5 so the Street Easy number is in one fashion or another inaccurate or outdated)

Posted by: Anon at June 26, 2007 2:25 PM

Monito, would you mind elaborating?

Posted by: Anonymous at June 26, 2007 2:27 PM

see, the problem is that the forums systematically turn sour. already a belltels owner is calling oro "prefab crap". i certainly disagree with this comment, although i am not a buyer at oro either. i do try and remain objective; after all i have no family or business ties with any of these buildings. i am only trying to find the one that will fit our taste and budget the best.

of course, you cannot expect someone who purchased a unit to criticize their building; they have just spent a lot of money, taken somewhat of a chance on an up and coming hood. still, if buyers could avoid turning bitter when someone adds to the conversation, it would help us all. unless, they're not truly happy about their purchase...

i have visited all the buildings mentioned above, and many more in the slope, fort greene... my wife and i fell in love with one hanson. unfortunately for us, we were priced out from the get go; we hope to get there one day and go on looking with the feeling that there is something else around, cheaper but as likable.

as far as the belltels are concerned, we came to the conclusion that the advantageous price per square foot did not make up for the numerous cons we identified. and there were too many for us to feel comfortable purchasing an apt in this building.

again, we had - and still have - nothing against the belltels as such. we only realized what the market - brokers, sponsor - already knew: it is cheaper for a good reason.

Posted by: monito at June 26, 2007 2:46 PM

We called the sales office and that's what they told us.

Posted by: Brownstoner at June 26, 2007 2:50 PM

thanks monito. I agree with you the negativity sometimes is overwhelming. Some people just like posting nastiness under the cloak of anonymity.

Anyway, would be helpful if you list a few of the cons as you see them.

Posted by: Anonymous at June 26, 2007 2:56 PM

Monito, what is the good reason? since you state "it is cheaper for a good reason." meaning ther is one big reason?
I am looking to buy there and when I saw the I thought they were pretty atractive for the price. And yes there will be a lot of construction going forward. Otherwise, I am not sure what a good reason could be.

Posted by: anon at June 26, 2007 3:14 PM

maybe because its off the fulton mall and you are paying, even, at a discount, for significant upside potential. EJ at 12:03 is convinced that the development will bring services and amenties soon, but what if it doesnt, or not soon enough?

Posted by: bored at work at June 26, 2007 3:47 PM

Monito -- What are the cons? Is it just the construction and the location, or is it something particular to the renovation?

Posted by: Anonymous at June 26, 2007 4:21 PM

That argument can be made for any of the new developments in Downtown Brooklyn (everyone's banking on the development boom). In fact I prefer the BellTel location to some of the other similar developments given its proximity to both Ft. Greene and Brooklyn Heights. Also, its far enough off of Fulton Mall so I wouldn't think that is a consideration.

As a prospective buyer, I'm a fan of BellTel and would also like to know the good reasons for choosing one of the other developments.

Posted by: Prospective Buyer at June 26, 2007 4:23 PM

Heck, as an in-contract buyer, I'd like to know the reasons that you consider it sub par, too (and I assume the reasons are development-wide, not that you didn't like the floorplans of some of the units --- since other units have very different layouts).

Posted by: EJ at June 26, 2007 4:26 PM

from past boards, it seems there is room for negotiation at the belltels regarding the closing cost.
can someone elaborate?
when should you discuss that?

thanks.

Posted by: nona at June 26, 2007 4:27 PM

Nona, I believe there has been some discussion about that in the posts and comments on the blog that was started by another buyer at BellTel. Might be a better forum for discussions re: negotiations.

http://belltellofts.blogspot.com/

That said, my experience was that there was some room for negotiation on price, coupled with some incentives regarding closing costs. But that was back in early February, so I don't know what is typical now.

Posted by: EJ at June 26, 2007 4:43 PM

My wife and I looked at Belltel when we were shopping for an apartment and came to the same conclusion as Monito.

1) Location--as mentioned by many--isn't great (save the proximity to transit). While it will probably get better, Metrotech, unfortunately, is not going anywhere (and Metrotech is awful).

Another consideration was the hotel that's slated to go up right in front of Belltel. Willoughby is a very narrow street and we were concerned of feeling "boxed in".

2) My wife is an interior designer and mentioned that the developer "cheaped out" on the finishes. If the developer was willing to go cheap on the stuff you could see, it didn't inspire a lot of confidence on the quality of construction on the things you couldn't see.

3) The developers history was a bit more sordid than we were comfortable with. We weren't sure if the developer had even done any other "luxury" developments (most of his portfolio consisted of low income housing).

Just a few reasons why we passed, obviously YMMV. That said, I still think some of the units are decent buys.

Posted by: Anonymous at June 26, 2007 4:47 PM

Just from what I've been told from the Prudential sales agent, the sponsor is no longer negotiating on price or terms. Still never hurts to ask and perhaps there's more leeway on the units that are moving more slowly than the more popular lines.

Posted by: M at June 26, 2007 4:48 PM

i think a lot of readers as well as future belltel residents have no idea what the construction noise is going to mean for this area. i lived on bridge st at willoughby (in the block that's going to be demolished), right behind the new aloft/sheraton. to begin with, the builder demolished the buildings that had been there, so there was demolition noise. but the real problem was that they chose to cart away the debris, and would do this for about 2-3 hours at a time. they also carted it away between 3 a.m and 6 a.m. every night for about 2 weeks. and i mean that the trucks were going for 3 hours, not that they took 15 minutes between 3 a.m. and 6 a.m. try sleeping through a professional carting truck hoisting debris for 3 hours. i really almost lost my mind, and david yassky's office was of little to no use. i called 311 about 25 times, and at one point the operator told me i had to go down into the construction site at 5 a.m. and get the license plate number of the carter. (guess what, i was so desperate i did precisely that.) the builder at belltel also did the same thing, so i wouldn't be surprised if the laboz brothers (who are building on willoughby/bridge) did the same thing. i don't envy those people who'll have to live through years of that construction. it is going to be a serious nightmare.

Posted by: anon at June 26, 2007 4:49 PM

Over the past couple of years, I scoured all the Crooklyn nabes for a decent place to live. After seeing several dozens of places in person and checking out hundreds of annoying building websites, I chose Belltel in the end.

I suppose I have more foresight than the nay-sayers out there... or might be overly confident in the DoBro Renaissance. However, NYC has a penchant for letting progress--and big business land development--go on unimpeded. Downtown Brooklyn has $10 billion coming it's way over the next ten years. Billions of dollars are already being spent as we speak (or should I say quibble online?).

But I think the location of BelTell is ideal.

It's not bordered by any noisy intersections (a la 110 Livingston or One Hanson). Nor to any project housing (a la Oro).

The $500-600 price/ft is a relative bargain. If the past is any indicator, that figure should rise dramatically--even in a neighborhood that has its detractors (who's laughing in DUMBO now).

The building is one of those examples of "they don't make 'em like they used to." And shoot me if most new developments out there can boast almost 12' ceilings. Last time I checked Oro had less than 9' ceilings.

In the end, it's all a matter of personal taste and comfort level. I couldn't care less what y'all think.

Posted by: a non ee mus at June 26, 2007 4:50 PM

a non ee mus, if you "could care less" what anyone thinks, why bother writing a defensive post?

Posted by: Anonymous at June 26, 2007 4:55 PM

hey anon 4:49: who told you to sleep with your windows open??!!

Posted by: anon at June 26, 2007 4:56 PM

Hey anonymous 4:55,

Calm down.. I'm wasn't being defensive. I was just passing along my opinions of Belltel and how it compares to it's brethren buildings. And I still couldn't care less what you think. Peace.

a non ee mus

Posted by: a non ee mus at June 26, 2007 5:02 PM

Hey anonymous 4:55,

Calm down.. I wasn't being defensive. I was just passing along my opinions of Belltel and how it compares to it's brethren buildings. And I still couldn't care less what you think. Peace.

a non ee mus

Posted by: a non ee mus at June 26, 2007 5:02 PM

oh, and I have OCD.

-a non ee mus

Posted by: Anonymous at June 26, 2007 5:03 PM

Calm down? Hmmm...I'm not sure what you read in my post that made you think I wrote the above in a blind rage.

OK, since you don't care what I think, then let me say that I think that anyone who bought at Belltel are class-A suckers.

Of course, since you don't care what I think, I'm sure you won't bother replying, right?

Posted by: 4:55 at June 26, 2007 5:07 PM

Hi there 4:55 anon,

You sure are sexy when you get angry. Wanna go out for a drink?

Love,
a non ee mus (aka class-A sucker)

Posted by: Anonymous at June 26, 2007 5:18 PM

Lovely. Another thread degenerated into mindless name-calling and penis measuring. I'm out.

Posted by: EJ at June 26, 2007 5:24 PM

for the record, mine's 10".... flaccid.

Posted by: Anonymous at June 26, 2007 5:33 PM

Hi a non ee mus,

I don't drink with losers who can't afford to buy decent apartments in decent areas.

Thanks for asking though,
Anon 4:55

Posted by: Anonymous at June 26, 2007 5:45 PM

Thanks for your honesty Anon 4:55. You're right... let's skip the drinks and go back to your place, I mean your mom's basement, for good old-fashioned fun ;)

Posted by: Anonymous at June 26, 2007 5:53 PM

Thanks for your honesty Anon 4:55. You're right... let's skip the drinks and go back to your place, er, I mean your mom's basement, for good old-fashioned fun ;)

a non ee mus
(dang, I should have come up with a shorter moniker... I didn't think I'd be using it so often)

Posted by: Anonymous at June 26, 2007 5:55 PM

"I don't drink with losers who can't afford to buy decent apartments in decent areas."

Hey Anon 4:55: didn't you say that to the folks who bought in Soho in the 70's, Park Slope in the 80's and DUMBO in the 90's?

Posted by: Engine Joe at June 26, 2007 6:06 PM

I saw the Belltell lofts and think they're swell and priced well. I sure would'nt have thought DUMBO would be what it is now, when I stood at a completely desolate and derelict corner of Water and Main ten years ago.

Posted by: Anonymous at June 26, 2007 7:02 PM

Actually, Engine Joe, I didn't say that to folks in SoHo, Park Slope, or DUMBO. I'm saying it to Belltel purchasers.

SoHo has beautiful cast iron buildings and is in Manhattan.

Park Slope has stately brownstones and is steps from Prospect Park.

DUMBO has expansive warehouses for lofts, is right on the water, and steps from the park.

All three areas thrived because they were blessed with great buildings and incredible housing stock. The Fulton Mall/Metrotech area where the Belltel is located does not. That's the difference.

Even if developers tore down everything around you and built new (which they seem to be doing), you're not going to get a great neighborhood rich in character or architectural interest--you're going to get a mini Houston or, worse, MetroTech part II.

To compare the nabe where Belltel sits to Soho, Park Slope, or DUMBO (even before they were gentrified) is beyond ridiculous.

Sorry, but Belltel will end up being wedged between a bland and deserted office park (the awful MetroTech) and a bland and generic strip mall (what Fulton Mall is fast becoming).

Posted by: Anon 4:55 at June 26, 2007 7:12 PM

For the record, the person posting as Engine Joe isn't me. Stop pretending you are.

Posted by: EJ at June 26, 2007 7:38 PM

And Oro's location, or the condos going up at Albee Square, or any of those are somehow located in a better location? These lame arguments never get dragged out when those buildings are discussed.

Posted by: Anonymous at June 26, 2007 7:42 PM

I thought you all moved in because of the proximity of the Chateau Blanc restaurant.
You know, the one that used to be called Castillo Blanco.

Posted by: 5w30 at June 26, 2007 8:31 PM

Anon 7:42; exactly! I was going to say the same thing.

Anon 4:55, if that's the way you feel, then its not an indictment of BellTel, it's of the entire Downtown Brooklyn area and all of the new development, including 110 Livingston, One Hanson, Oro, the list goes on and on.

And by the way . . . are you kidding me about the area not having any character or architectural interest? This makes me think you've never even been to Downtown Brooklyn. Stop by sometime and take a look at the incredible architecture that exists all over the neighborhood.

Posted by: BBall fan at June 26, 2007 8:42 PM

as expected:

just checking the thread after a couple hours and it has taken a turn for the worse. i cannot believe this comes from young adults considering buying a home for around and over half a million dollars. is there a brownstoner page on myspace we could send them to?

in any case, i will not elaborate on my reasons not to buy at belltel; we all know how constructive it would get...

however, there might be a way for all those of good will to profit further from this message board. i may be naive about it but: what about having people looking for the same kind of apartment in the same price range exchange tips or visit places together. and who knows, even purchase together using this leverage to negotiate lower or closing costs?

anyone up for it?

Posted by: monito at June 26, 2007 10:00 PM

belltel has really bad layouts, even for the price. i'm sorry but no windows in the bedroom sucks. someone should have renovated the office space there.

Posted by: prince at June 26, 2007 11:12 PM

I bought a unit back in Late Dec. and was lucky to get my unit $18k under asking as well as having my mortgage tax paid by the developer which will save me an additional $10k. My cousin just bought a unit on the 2nd floor this past sunday for the full asking price, they would not negotiate, not even a few dollars. They have not offered the Mortgage incentive for quite some time either. I agree currently location is not Ideal but the city and private developers will be spending Billions of $$'s over the next bunch of years in Downtown Brooklyn. Also love the fact that so many subway lines are easily accessible from the building.

Posted by: JJ at June 26, 2007 11:41 PM

for all the people throwing around the "hey its a low price per square foot! OMG!": why buy at Belltell instead of Concord Village?

Posted by: Anonymous at June 27, 2007 9:48 AM

I looked at BellTel when it didnt have a single unit completed for habitation only a few display only units. infact I was the first visitor to the building site.

There is a nice atmosphere of Art Deco and the history of the building is a positive. But that's where the positives ended for me. The units which I saw were not worth what they were asking. The materials were much below what One Hanson and 100 Livingston have and will have. But they are charging almost the same.

The area is horrendous and if you think it will change by the time you move in, keep dreaming. This area has been a rundown dump for years and only now being cleaned up with CITY money. The private developers would not be here if the city wasn't giving tax breaks and so on.

Good luck to the people who bought in, but don't expect to live in the height of luxury.

Posted by: Kensington at June 27, 2007 10:47 AM

I think people buy at BellTel for a variety of reasons such as unit layouts, aesthetic of finishes, building architecture, quality of construction, ceiling height, neighborhood potential, etc. Price is only one factor (although an appealing one).

Posted by: Anon at June 27, 2007 10:51 AM

Kensington,

I agree that One Hanson and 110 Livingston are also very nice buildings and developments. However, just a couple of things I'd point out (and honestly, not meant to be controversial in any way).

I don't think the area currently surrounding any of these locations is a selling point, nor do I think anyone expects the area to be changed by the time they move in. People are buying in Downtown Brooklyn because it offers value compared to other mature areas, with the hope that it is re-vitalized and gentrified over the coming years (not weeks).

The prices at One Hanson and 110 are really much more than BellTel. One Hanson specifically is significantly more expensive. Try finding 1,800 sq ft at either of these locations for under $1mm. Heck try finding 1,500 sq ft for that.

And on finishes, I can't argue that the SubZeros or Dornbracht fixtures aren't better than Fisher Paykel or Danz, but hey, for me I've never really minded my GE fridge or oven, so its not worth it to me to pay more for those things. I can, however, understand how for some people that type of thing is important and that's fine.

Lastly, I just want to point out that people buy in "up and coming" neigborhoods for a reason and developers develop them for a reason, which is mainly economic. That's why it typically takes City subsidies to effect these changes and spur the gentrification of such locations. Hopefully everyone that buys in this area (regardless of which building) will enjoy watching the neighborhood be re-vitalized and realize a solid return on their investment in the process.

Posted by: M at June 27, 2007 11:18 AM

As for location One Hanson is just a few blocks from 5th Ave in Park Slope. That from what I've seen the best density of nice restaurants, bars, etc. Seems nicer than Smith Street to me.

Its also on top of the Atlantic Ave subway hub that has everyone subway line plus the LIRR. Also you're right by BAM and we've seen posts here about how they're going to be expanding the area.

Negative is of course the Atlantic Yards project and stadium, but I think it could be a positive in the long term. The strecth where they're building it seems under utilized now.

The prices certainly are higher and I honestly haven't seen the BelTell lofts so can't say if its worth the extra money...

Posted by: Anonymous at June 27, 2007 11:47 AM

The other thing that makes this building so attractive is the very low Common Charges and Taxes. My Maint is only $400 and tax W/abatement is $275. Taxes are locked in for 10 years at that low rate.

Posted by: jj at June 27, 2007 3:20 PM

The other thing that makes this building so attractive is the very low Common Charges and Taxes. My Maint is only $400 and tax W/abatement is $275. Taxes are locked in for 10 years at that low rate.

Posted by: jj at June 27, 2007 3:21 PM

jj, there have been grumblings before on the Belltel blogspot about the tax situation. Apparently, the taxes at 110 Livingston are much lower--even though they're under the same abatement program.

For example, taxes on my unit at 110 (for which I paid $835K) after the abatement is ~$100. Taxes are abated for 15 years.

Maintenance per square foot was roughly equal between the two buildings.

I'm not sure why this is the case, but that's one of the reasons I purchased at 110 Livingston instead. I couldn't get a straight answer from anyone I dealt with at Belltel about the disparity in taxes--which, quite frankly, took away a bit from Belltel's supposed price advantage (although the units I was looking at were comparable in price psf).

When the abatement ends, taxes are going to be mighty hefty at Belltel.

I'm not trying to stir up a war, but does anyone know why this would be? Is Belltel under a different tax zone? jj, mind sharing what your pre-abatement tax numbers look like?

Posted by: Anonymous at June 27, 2007 4:30 PM

I'm not an expert, but aren't the numbers for the 1st year that are depicted in the Offering Plan all estimated by the accountants and lawyers for the respective buildings? In other words, for the 1st year, nobody's unit will be individually assessed by the City, but the accountants estimate the building's assessment as a whole, and unit holders in turn will be charged by the condo board based on their % common interest. When the actual assessment comes in, owners will either be credited or owe more depending on how the actual differs from the estimate.

After the first year, once the units are individually assessed by the City, owners will be builded for RE taxes directly by the City.

So, and like I said I'm no expert, but it seems to me that any difference in RE taxes shown in Offering Plans are simply a matter of differing estimates between different "experts"; and ultimately the taxes we owe (regardless of what building we live in) will be decided by the City's assessment of our individual units.

Posted by: M at June 27, 2007 6:56 PM

Sorry, I meant "owners will be billed . . ."

Posted by: M at June 27, 2007 7:00 PM

Actually the city bills you directly for taxes - its a condominium. If it were a co-op you would be correct. Ask the owners in 110 Livingston who all just got updated values from DOF stating that they had been underbilled for taxes.

The difference in the taxes is probably due to the fact that 110 Livingston was City owned so the City probably didn't update the assessment on a rgular basis, whereas Belltell was owned by Verizon and therefore likely re-assessed on a much more regular basis. The fact that 110 also added a lot of square footage probably means that the existing assessment was spread out over a bunch of new square footage that previously didn't exist.

At least that's my theory.

Posted by: larry at June 27, 2007 8:27 PM

right, you're billed directly, but only after your individual unit is assessed, right? Otherwise, on what value does the City charge you taxes? That's why I said until the indvidual units are assessed its based on the assessment of the total building times your % common interest.

Either way, in the end I very much doubt there will be much if any difference in taxes between the two. Although if 110 Liv is as great and BellTel is a crappy as some people make it sound, the assessments at 110 are likely to be more ;) just kidding

Posted by: M at June 28, 2007 4:31 PM

I AM PURCHASING IN THE BELLTEL PRETTY MUCH FOR THE SAME REASONS THAT ARE MENTIONED IN THE PREVIOUS BLOG. I AM VERY EXCITED AND LOOKING FORWARD TO A VERY GENEROUS RETURN ON MY INVESTMENT IN DOWNTOWN BROOKLYN.

Posted by: OMG at June 30, 2007 4:58 PM

My husband and I are in contract at the Belltel. Is there a blog/ webpage set up specifically for those who are purchasing there?

Posted by: in contract at July 10, 2007 6:04 PM

is it really 40 percent sold. when will the real closing happen, this year or next?

Posted by: anon at July 20, 2007 3:16 PM

I don't know, this Clipper Equity company sounds awfully sketchy. I have not been able to find even a website of theirs!? My partner and I have called other banks, other than FMM, and they expressed "concern" that they might not finish the building, so they would enquire further.

Am I exaggerating?

Posted by: closingsoon at July 31, 2007 4:23 PM

I don't know, this Clipper Equity company sounds awfully sketchy. I have not been able to find even a website of theirs!? I have called other banks, other than FMM, and they expressed "concern" that they might not finish the building, so they would enquire further.

Am I exaggerating?

Posted by: closingsoon at July 31, 2007 4:23 PM

Am I exaggerating?

Posted by: closingsoon at July 31, 2007 4:23 PM

The developer needs to post a bond at the time of the first closing to cover the remainder of construction costs, so there is really no risk of the building not getting finished once closings start.

As for Clipper Equity, they're hardly unknown. In fact, they have been all over the news lately as the outfit trying to buy Starrett City. Like them or not, they are probably highly incentivized to get Belltel completed successfully and avoid another black eye.

Posted by: an at August 3, 2007 2:10 PM

anon 4:47 pm
Your clueless. Get your facts straight. The Hotel is going up down he block, not accross the street from Belltel. Uninformed opinions are plentiful here, aren't they?

Posted by: current buyer at August 3, 2007 5:57 PM

Isn't the plan for across the street " Willoughby West"- demolition of the shops between Willoughby and Duffield and construction of a 30 story mixed use building.

Posted by: anon at August 7, 2007 1:25 PM

I enjoyed the constructive comments. I have worked in Downtown Brooklyn for 15yrs, and one thing I know for sure is that you can never really "Call It". I have seen MetroTech transform a dumpping area. DUMBO was unknown and cerainly undesireable 10-15yrs ago. I think buying in either of these buildings downtown would be a smart buy. Oro has a sister building that will be going up starting next year. Not to mention the A-Lofts on Flatbush extension. The Stadium and its many buildings at the atlantic mall area will be a sore sight for Hanson place dwellers for many years. The Belltel is in the middle of a construction zone. With a Sheraton to come on Duffield St. (not on Willoughby as mention). Fulton Mall has been re-zoned. So get ready to see a lot of you high end shops. Then you have the Willoughby Quad coming - 3 buildings with a park area. sort of like a second phase of Metrotech. My point-there is no running from the construction zone. For me the choice was best bank for my buck. 10yrs from now many of the points in question will be irrelevent, but you can wait another 5 yrs and buy my apartment. I'm in contract at Belltel.

Posted by: guest at August 21, 2007 10:54 AM

I'm closing in a month, although I won't be living there, the unit is for investment purpose.
I think the main reason that Belltel is cheaper than other developments (and selling slow)in the area is that the rooms don't get much sunlight, you don't get that bright open feeling when you walk into 110 Livingston. People dig openness these days.

Posted by: guest at August 23, 2007 1:53 AM

My son is under agreement at 110 Lvingston. He's getting conlicting answers on what the taxes are and the abatement. Could someone please clarify. Thank you, dwyshak

Posted by: guest at September 16, 2007 12:01 PM

i was told people are moving into their lofts
is it true?
if so did you come across any thing alarming

Posted by: guest at October 15, 2007 1:45 PM

i havent seen the units in person, but my broker sent me a list of what's still available. i'm sorry, but anyone that pays $600k and $700k for an apartment that contains rooms with no windows ("home occupancy") are complete idiots -- and your idiocy driving up prices for the rest of us.

Posted by: guest at February 24, 2008 10:46 AM

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June 26, 2007

The Belltel Lofts: 40 Percent Sold

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