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Eugenious
October 22nd, 2006, 04:01 PM
http://www.prudentialelliman.com/MainSite/NHD/NHDInfo.aspx?id=173&loc=0&PageName=home

http://www.elliman.com/NYCPhotos/NewHomeDevelopment/nhd_home/76584a.jpghttp://www.elliman.com/NYCPhotos/NewHomeDevelopment/nhd_res/76584b.JPG

Art Deco conversion I looked at several units they gave me quote on ninth floor just above the roof of adjoining verizon building with 1 bedroom, wic, nice kitchen and office. 1,175 (http://www.prudentialelliman.com/Listings.aspx?ListingID=819262&rentalperiod=&SearchType=Building)sq Showers bathrooms dont have heaters...all for $710,000 conversion seems to be high quality, good materials though hard to tell because very few units done as yet. Entrance not done yet, was first day of open house but very impressed by some units. I would need to make $100,000 to afford as monthly total comes to $5300 with mortgare and cc! Please unbelievable as this is a part of the city's program for affordable housing (yeah right!) basically as usually the high quality stuff costs almost twice as much as new "crappy" construction in less desirable brooklyn. Agent said they were having discussion with 'Whole Foods' to rent out the space downstairs if so would dramatically improve the neighborhood right now its $99 stores and check cashing heaven. Many bums and streets very dirty and unpleasent though will probably change in the next 5-10 yrs...overall I think it's out of range of most young people...

Anybody looked at this building what do you think? Might become a really good area in a few years or it may not, I think lots more work needs to be done by city to make this the "Rockerfeller Center of Brooklyn"..

average prices are around $750 per sf

Lance75
October 22nd, 2006, 05:49 PM
I took a look at the building a few days ago as I was checking out the nabe. Didn't get a chance to peek inside, but the exterior is pretty interesting--a bit run down and gritty yet, but once the reno is complete it should make for a nice condo building, certainly more attractive than your standard condo box.

The immediate few blocks are downscale and somewhat unpleasant, and it doesn't offer much in the way of services and anemities right now for the buyers BelTell is after (read professional and somewhat affluent). While the proximity to Metrotech commons is touted as a plus--it's laughingly refered to as Brooklyn's "Rockefeller Center"--I actually see it as a negative. Metrotech is basically a suburban office park set in the middle of what should be a vibrant urban center. The area Metrotech occupies is really dead and deserted feeling and adds nothing to street life. Thanks, Mr. Ratner.

I hope I didn't come off sounding too negative. Actually, I'm a big believer in the area. I purchased a condo at 110 Livingston--another building undergoing restoration right now that's close by--so I'm putting my money where my mouth is, so to speak.

There's plenty of upside already, and I think all the projects in the works (residential, retail, streetscape, etc) will help enliven and enrich downtown BK for the better. At the very least, it's extremely close to the city (faster to downtown than if you lived in midtown or UES/UWS) and close to the shopping/dining options on Atlantic and the main drags of Brooklyn Heights, Cobble Hill, and Boerum Hill.

Eugenious
October 22nd, 2006, 07:36 PM
If you dont mind me asking what made you buy at 110 livingston? whats the configuration and price that you paid? If you dont want to post you can email me vestele@verizon.net

I'm looking for a nice place to live but maybe right now its out of my price range

Lance75
October 22nd, 2006, 10:16 PM
To me, buying a home (unless you're indepently wealthy) is always a matter of compromise or sacrifce vis-a-vis price, space, commute, location, etc. It's probably more true in NYC than anywhere else in the country.

But that's another topic altogether. To answer your question, I purchased at 110 Livingston after looking and searching for nearly a year because it was the best option *for me* that required the least amount of compromise on the things that were important to me. Certainly, I don't need to mention that YMMV.

That said, here are a few of the reasons I purchased at 110:

1--I think it's a beautiful building with the added bonus that it's a McKim, Meade & White. I realize it's probably completely meaningless to most people, but to me, it's one of the classics built by a legendary firm. Like someone said, they're not building them like this anymore. Plus, I think the glass addition on top by Leyva is surprisingly graceful and well designed. It actually adds to the building IMO.

2--Convenience to the city. Borough Hall is the first or second stop in Brooklyn on 9 subway lines (multiple express trains), and they're all a block or two away. Easy access was key for me. When I go into Manhattan, I spend most of my time downtown and the ride to most points there is about 10 min or less. Cab rides from downtown are also easy and dirt cheap.

3--Proximity to already established neighborhoods. Brooklyn Heights is literally on the other side of Court st, and it's an easy ten minute stroll to the Brooklyn Heights promenade. Cobble Hill and Boerum Hill are right across Atlantic. I'm hoping Fulton st, Boerum Pl and my immediate 1-2 block environs will improve with time, but in the meanwhile, I can walk a few minutes to Smith or Court for services.

4--Price and space. For the amount I would have to pay for an average sized 1br in Manhattan, I was able to purchase a fairly large (~1230sf) 2bd/2ba at 110 Livingston. I don't feel comfortable with sharing exact figures, but the price worked out to around $700 per square foot. Comparable to Beltell prices, I suppose.

Also appealing was the fact that it will be brand new (hopefully no electrical or plumbing headaches) and come with some pretty high end finishes--Sub-Zero, Viking, Thermador, Dornbracht fixtures, Bosch washer/dryer, jetted tub, etc. I've seen Two Trees other projects and while the units themselves are a bit cookie cutter, they are cleanly modern, thoughtfully laid out, and pretty well built IMO.

I hope I didn't come off like a salesman, but you did ask *why* I purchased at 110. While I am excited about my purchase, the building, and the fast changing hood, believe me, there are plenty of things I DON'T like and hope will change (mainly concerning the immediate nabe). Of course, I'd more than willing to share those concerns/thoughts if you're curious.

Hope that answered your question!

Eugenious
October 23rd, 2006, 11:29 AM
1--I think it's a beautiful building with the added bonus that it's a McKim, Meade & White.

2--Convenience to the city. Borough Hall is the first or second stop in Brooklyn on 9 subway lines (multiple express trains), and they're all a block or two away. Easy access was key for me. When I go into Manhattan, I spend most of my time downtown and the ride to most points there is about 10 min or less. Cab rides from downtown are also easy and dirt cheap.

3--Proximity to already established neighborhoods. Brooklyn Heights is literally on the other side of Court st, and it's an easy ten minute stroll to the Brooklyn Heights promenade. Cobble Hill and Boerum Hill are right across Atlantic. I'm hoping Fulton st, Boerum Pl and my immediate 1-2 block environs will improve with time, but in the meanwhile, I can walk a few minutes to Smith or Court for services.

4--Price and space. For the amount I would have to pay for an average sized 1br in Manhattan, I was able to purchase a fairly large (~1230sf) 2bd/2ba at 110 Livingston. I don't feel comfortable with sharing exact figures, but the price worked out to around $700 per square foot. Comparable to Beltell prices, I suppose.



That all sounds great if you dont mind me asking how old are you? i'm 25 and I definitely cannot afford $700/sf right now, if I was married or my gf made close to what I made then yes. But anyway, I looked for 110 livingston online and the site seems to be down, do you have a contact at the sales office over there? I would love to take a look...I can definitely relate to the excitement of living in a M.M.W. building...

Wish mortgage rates were like %3-4 percent!

Lance75
October 23rd, 2006, 04:03 PM
I'm 30. Part of the over the hill crowd.

Are you refering to 110livingston.com? I just checked and the website's up, guess it was just a temp glitch. It's a bit useless though--there's no real information to be had, and the sample floorplans they have are pretty awful, especially the 2br/2ba (although it does have a nice terrace). They have something like 40 or 50 floorplans, not sure why they chose to list the worst ones.

You're right, it'd be nice to be in a dual income situation, but be grateful that your gal is at least close by. My GF's a flight attendant and lives in NJ (flies out of Newark). She has the dual whammy of not making any real money AND being far away.

Merry
August 1st, 2009, 06:58 AM
Gorgeous Art Deco :).


July 31, 2009

Belltel Joins the FHA Club

http://www.brownstoner.com/brownstoner/archives/belltel-lofts-073109.jpg

The FHA trend has officially gone upscale: Curbed is reporting that the Belltel Lofts at 365 Bridge Street in Downtown Brooklyn has been approved by the FHA for buyer financing, joining several other buildings in areas like Williamsburg and Bed Stuy that have already proven that the lure of 3.5% down-payments can be enough to overcome major bear markets and questionable locations. Given that the Belltel is one of the higher-end conversions in Brooklyn, it'll be interesting to see what kind of pop this gives to sales. Predictions?

CurbedWire: 3.5% Down at BellTel (http://curbed.com/archives/2009/07/30/curbedwire_ugly_truth_at_galerie515_35_down_at_bel ltel_harlems_piers_have_worldly_appeal.php) [Curbed]
Targeted Price Cuts at Belltel Lofts (http://www.brownstoner.com/brownstoner/archives/2009/04/targeted_price.php) [Brownstoner]
Checking In On The BellTel Lofts (http://www.brownstoner.com/brownstoner/archives/2009/03/checking_in_on_52.php) [Brownstoner]
Belltel Parking On Tap (http://www.brownstoner.com/brownstoner/archives/2009/01/belltel_parking.php) [Brownstoner]
Belltel Lofts: 50% Percent Sold (http://www.brownstoner.com/brownstoner/archives/2008/11/beltell_lofts_5.php) [Brownstoner]
The Belltel Lofts: 40 Percent Sold (http://www.brownstoner.com/brownstoner/archives/2007/06/belltel.php) [Brownstoner]

BrooklynLove
August 1st, 2009, 07:28 AM
FHA is transferring subprime debt from the private balance sheet to the public balance sheet at torrid pace. More Obama genius. US=GM.

Merry
February 23rd, 2010, 04:59 AM
In 2004, the building was declared a “great architectural masterpiece” by the NYC Landmarks Preservation Commission.I agree :).


Brooklyn’s BellTel Lofts Puts Sky View Units on Market

by Linda Collins
http://www.brooklyneagle.com/images/1x1.gif


DOWNTOWN BROOKLYN — Calling them the Sky View Residences, the developer of BellTel Lofts in Downtown Brooklyn has released to the market the units on the 10th through 18th floors.

The condominium conversion, a project of Clipper Equity, also lowered prices for certain previously available units.

Developer JJ Bistricer, executive vice president at Clipper Equity, said he and his marketing team took “a realistic look at the market, saw an increase in buyer interest and so released several units on those upper floors.
“These floors provide expansive views, large windows that are six feet high by three feet wide, and 13-foot ceilings creating homes with great light and space,” he said, adding, “Almost 40 percent of these residences have outside spaces.”

The units range in size from 800 to 1,989 square feet and in price from $820,000 to $2 million, according to Ilan Bracha, president of The Bracha Group at Prudential Douglas Elliman, who is overseeing sales and marketing and says he sees an uptick in the economy.

“We are excited that the NYC real estate market is stronger and that buyers are taking action on the great values available right no,” he said. “As the first phase of units at BellTel Lofts is almost sold out, the new year is a pivotal backdrop for Clipper Equity to release the Sky View Residences in its 27-story Art Deco landmarked condominium.”

Bracha also reported that seven previously available units, have been “specially priced” to attract buyers. All of them are studios with a glass-partitioned second room. They range in size from 632 square feet to 1,055 square feet and in price from $440,000 to $572,000.

As the Eagle reported last August, the development received FHA approval for qualified buyers.

“It will now be even easier for buyers to access mortgages at the condo development,” Bistricer said at the time.

FHA approval means that approved purchasers can receive up to 96 percent financing on loans up to $729,000, and they can apply for a 5 percent fixed-rate, 30-year mortgage, according to Bracha.

In addition to this financial incentive, all BellTel Lofts homeowners benefit from the J-51 Tax Abatement the building received as a result of the complete rehabilitation and preservation of the building. This translates to no real estate taxes for 10 years for homeowners.

The building, with 250 units, is over 55 percent sold and occupied, according to Bracha.

As previously reported in the Eagle, the work of two great architectural firms were involved in this landmarked project — the original architect, Ralph Walker, of Voorhees, Gmelin & Walker, a 20th century master of the Art Deco style who was named “Architect of the Century” by the AIA in 1957; and Beyer Blinder Belle Architects & Planners, known for their restorative work on historic buildings who designed the conversion of the former Verizon Building that was originally built as the Long Island Headquarters for the New York Telephone Co.

In 2004, the building was declared a “great architectural masterpiece” by the NYC Landmarks Preservation Commission.

For more information, please visit www.belltellofts.com (http://www.belltellofts.com/).

http://www.brooklyneagle.com/categories/category.php?category_id=5&id=33686

AMGLANYC
March 22nd, 2010, 11:57 PM
What would be a good price per square foot?