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
The Floodgates Open at 365 Bridge Street [Brownstoner]
Downtown Art Deco Icon Going Condo [Brownstoner]
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?
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?
is it really 40 percent sold. when will the real closing happen, this year or next?
My husband and I are in contract at the Belltel. Is there a blog/ webpage set up specifically for those who are purchasing there?
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.
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
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.
Sorry, I meant “owners will be billed . . .”
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.