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]
(by the way, I’m not saying only 5 have gone to contract in the last month, only that I am aware of 5 so the Street Easy number is in one fashion or another inaccurate or outdated)
2:17, I’ve heard ~100 were sold as well – it was from two different sales people at Elliman (on different dates). It could be that they’re counting contract out, but in any event, Street Easy has said 63 for over a month now, and I am personally aware of 5 contracts signed since then.
By the way, the 2nd and 3rd floors both got 10% price increases, so ‘Stoner’s comment about 2-5% increases only is wrong.
Brownstoner, where did you get the info that 100 have been sold? From street easy, it looks like the number is 63.
I’m a buyer at Belltel and concur w/ the above posters that price/sq. foot, plus the very high ceilings were important factors.
Others may prefer the prefab crap at Oro, but I like the historical character at belltel (also liked 110 livingston, but it was more expesive).
Despite all the negative comments about the deep lofts w/ only two windows and “home occupancy” rooms, these seem to be the units that are selling the best.
Brenda, that sounds like a wonderful way to spend a Sunday morning (and most certainly a more pleasant sound than what we’ll be getting Monday – Friday for a while).
I do hope the developer/contractors have been good neighbors to St. Boniface, by the way.
EJ, I hope you can open your windows of a Sunday morning…at St. Boniface, we have a stupendously wonderful choir whose angelic voices may float up to mingle with the smell of your morning coffee…(and you’ll be welcome anytime to check us out at ground level…)
monito don’t keep us in suspense – why are sales slow? I’m looking at the listings and they do seem cheap on per square foot basis. Is it the home office situation? Something with the finishes? Location? I need to know…
anon 1:48
if you have the chance to pay a visit to the belltel, oro and 110, you will easily come to the obvious conclusion as to why sales at the belltel are slower, despite being cheaper on a per square foot basis.
How is Belltel only 40% spoken for when 110 Livingston (which is pricier and had more units) is nearly sold out?
It seems like Oro is selling faster as well…any particular reason why this is the case? Anything strikingly wrong with Belltel?
I can only speak to my unit, which has “home occupancy” instead of bedrooms – in my case, it is because of lotline windows. But they’re along the Catholic church and its rectory, which takes up the rest of the block. So nothing blocks the windows and given the landmark status of BellTel and the houses on the block, there isn’t much concern that something will end up abutting the lot.
Also, it should be noted that the floorplans out on the net are just of floors 4 – 9; as each level sets back, the floorplans change dramatically and there are fewer such arrangements (and after the second setback, no “home occupancy” rooms vs. bedrooms).