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