Belltel Lofts - First Downtown Brooklyn luxury condo to receive FHA approval!

In early August, JJ Bistricer, executive vice president of Clipper Equity, developer of BellTel Lofts, announced, “BellTel Lofts has just received Federal Housing Administration (FHA) approval – we are the first luxury condominium in Downtown Brooklyn to receive this FHA approval and are excited that more qualified buyers will be able to access mortgages here.”  According to a June 28, 2009 New York Times article, FHA “loans now make up nearly a quarter of the market.”

Ilan Bracha, managing director of The Bracha Group, Prudential Douglas Elliman announced, “BellTel Lofts presently has 3 contracts signed and we are working with other serious buyers.   Purchasers coming to BellTel having done their homework, they understand the value they are getting here and realize the market is starting to move in Brooklyn.  They don’t want to be left out.”

“Now with FHA support, buyers can put as little as $17,000 down on a unit and buy into the best investment in Brooklyn today,” added Bracha,

FHA Approval means that approved purchasers can receive up to 96% financing on loans up to $729,000 and they can apply for a 5% fixed rate 30 year mortgage.  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 BellTel Lofts owners. This NYC Landmark Art Deco luxury condominium conversion, at 365 Bridge Street, is now over 55% sold.   BellTel Lofts has 250 units which range from 600 to 2,700 square feet.