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BELLTEL LOFTS ANNOUNCES 90% OF PHASE I UNITS SOLD;
SECOND PHASE OF LUXURY RESIDENCES RELEASED FOR SALE
Historic 1929 Art Deco Icon Offers Exceptional Value to Homeowners

BROOKLYN, NY - (November 18, 2008)

Clipper Equity, developer of BellTel Lofts in Brooklyn, has announced that 90% of its first phase of luxurious residences have been sold. The developer has unveiled its Phase II collection of well-appointed residences to prospective buyers with prime studios, one-, two- and three-bedroom loft homes now available for sale. Phase II residences are located on floors 10 through 27 and range in size from 600 to 2,700 square feet. The Phase II collection features luxurious lofts and penthouses with water and city views.

"We are pleased with the overwhelming response BellTel Lofts has generated," stated JJ Bistricer, executive vice president at Clipper Equity. He added, "BellTel Lofts offers more space for the money compared to similar luxury apartments in Brooklyn and Manhattan. With its rich history, central location, full scale of amenities, and great value, BellTel Lofts is the ideal home for any family."

Built in 1929, BellTel Lofts was originally designed by Ralph Walker and designated a landmark by The New York City Landmarks Preservation Commission after serving as the headquarters for the New York Telephone Company. Described by the commission as a "great architectural masterpiece in New York City," BellTel Lofts brings classic style and sophistication to an area booming with new construction.

Residences boast high ceilings; many offer breathtaking views and outdoor space. Fifty-eight homes feature terraces, ranging in size from 100 to 500 square feet. Every residence includes "state-of-the-art" fiber optics cable with Verizon's new FIOS for phones and high-speed Internet services.

With interiors designed by the renowned architecture firm Beyer Blinder Belle, famous for its renovation and restoration of Grand Central Station, the 27-story BellTel Lofts feature large, airy units outfitted with high-end design elements, including bamboo flooring, sliding glass walls, spa-like baths and en suite storage spaces. The design infuses modern elements into the Art Deco, pre-war design. BellTel Lofts has retained its impressive Art Deco lobby with original terrazzo flooring and brick façade.

BellTel Lofts offers a host of amenities, including a 6,500 square foot common area, complete with a fully-equipped fitness center, high-tech screening room, yoga and exercise room, multi-purpose room and a lounge. A business center will be available for 24-hour usage by the condominium's residents and a 4,500 square-foot roof terrace, providing extraordinary 360 degree views of New York City and Brooklyn, serves as the ultimate urban oasis for relaxation and sunbathing. Three streets surrounding the building do not have traffic.

Located at 365 Bridge Street in the Metro Tech campus of thriving Downtown Brooklyn, BellTel Lofts is situated within walking distance of Brooklyn's finest restaurants, shops and cultural offerings, as well as numerous subway stations. Ensconced within the Metro Tech Commons three and a half acre park, like private space with public access, BellTel Lofts residents take in the beautiful landscaping, enjoy the many sitting areas, and benefit from the multitude of public art, special events and lunchtime concerts that take place throughout the year.

Residences are available for immediate occupancy. The Bracha Group, a luxury residential branch of Prudential Douglas Elliman, is the exclusive sales and marketing agent. For more information please call the onsite sales center at (718) 596-2355, or visit www.belltellofts.com.

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