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]
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.
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?
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.
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.
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.
For the record, the person posting as Engine Joe isn’t me. Stop pretending you are.
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).
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.
“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?