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February 6, 2009

BELLTEL LOFTS ANNOUNCES RETAIL SPACE AVAILABLE FOR PURCHASE OR LEASE
BROOKLYN, NY (February 6, 2009)

Clipper Equity, LLC, developer of BellTel Lofts, the redevelopment of the former New York Telephone Company headquarters, has announced that approximately 39,000 square-feet of retail space is available for purchase or lease on the ground and below-grade floors within the landmark 27-story residential and commercial building.

The Bracha Group, a branch of Prudential Douglas Elliman led by Ilan Bracha, has been chosen to represent the retail as well as continuing as the exclusive sales and marketing agent for BellTel Lofts residences. "Bracha has a thorough understanding of BellTel Lofts' positioning. This mixed with their extensive contacts make them the appropriate selection for the retail space," stated J.J. Bistricer, executive vice president of Clipper Equity.

The retail spaces, available for immediate occupancy, are being delivered as designer-ready layouts for individual owners or tenants to customize according to their needs. Spaces boast high ceilings, and include "state-of-the-art" fiber optics cable with Verizon's new FIOS for phones and high-speed Internet services. BellTel Lofts will have 24-hour manned security. A newly constructed one level underground parking garage is also available for purchase or lease. It is 25,000 square-feet and can house 100 self-parked cars; more can be accommodated if there is valet service.

"We are creating an environment of convenience, excitement and diversity, leveraging BellTel Lofts as an ideal place to live, work and shop in Brooklyn," explained J.J. Bistricer. He added, "The development was designed to attract young urbanites and business professionals. Retailers will appreciate all that BellTel Lofts has to offer: central location, covered parking, flexible floor plans, access to several major subway lines, and working in a historic building with an extremely rich history."

The Downtown Brooklyn area has over 75,000 employees, 17 million square feet of office space, and 57,000 students with over 3,500 residents according to the Downtown Brooklyn Partnership.

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.

BellTel Lofts is comprised of approximately 250 luxury residential units and 12,000 square-feet of professional space. With interiors designed by renowned architecture firm Beyer Blinder Belle, famous for its renovation and restoration of Grand Central Station, extraordinary preservation of the Art Deco lobby and brick façade have been completed and modern design elements have been infused into the Art Deco, pre-war design.

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. It is ensconced within the Metro Tech Commons three-and-a-half acre park which provides the feeling of private space with public access. Owners and tenants at BellTel Lofts can 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.

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

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