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]
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?
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.
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.
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…
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.
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).
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.
for all the people throwing around the “hey its a low price per square foot! OMG!”: why buy at Belltell instead of Concord Village?
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.