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]
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).
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.
Monito — What are the cons? Is it just the construction and the location, or is it something particular to the renovation?
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?
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.
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.
We called the sales office and that’s what they told us.
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.
Monito, would you mind elaborating?