Belltel Lofts

To be specific, I am talking about Belltel Lofts in Downtown Brooklyn.

I assume you're thinking about buying in Belltel, in which case you should be able to check out the minutes from the board meetings. The minutes indicate that there are still a mountain of problems with the building.

Here are some gems from their Board meeting earlier this month:

- Sponsor still owes back dues of $170K to the buildings dating back to last year. No mention of how or if he'll be able to cover the dues.

- The "amenities" such as parking, media room, business center, and roof deck are still incomplete, with no firm date on completion.

- Basic items (building signage, flooring in lobby, hallways, etc) are also incomplete--my understanding is that there is no money to complete them. Would also explain why there are no workers in the building.

- Crappy construction and mechanicals. Both air handlers are broken or useless--no air in the hallways (the same for the windowless "bedrooms"), temp problems in lobby and certain floors, etc.

- Problems with the staff. Not enough porters, concierges that pull disappearing acts, etc.

- Not only does the Board have serious cash flow issues, they're considering contacting the Attorney General for fraud/misrepresentation.

- Many residents also complained about the "shoddy construction". Not surprising considering the developer.

I urge you to do a little research. I don't see why anyone would buy a unit in Belltel considering the pretty vocal complaints from current residents and the developers shady reputation. I actually warned a couple of people about buying from Bristicer (including an unhappy friend who bought in the building anyway, much to her regret), but I guess some people are still swayed by glossy marketing material.

thanks a lot. i just reviewed their year end 08 financials, too. but don't have the board minutes. do i have to request the minutes from the lawyer?

by the way, may i ask how you were able to access the board minutes? are you a real estate broker? just curious.

thanks for your input and comments.

Is the parking elevator still not working? That would be CRAZY!

I have no idea. My lawyer tells me that I am the only client who has ever asked him to see the condo financials, and that he says there's no way to really find out if there will be C/C increases. So it seems like besides helping with the contract, he is in no position to offer any advice. Is that common?

I would also love to hear from other ppl regarding BellTel.

Do your research, and take everything on this blog with a grain of salt- ypu get a good mix of truth, hearsay, opinions and exaggeration.

NYCDowntown, I'm not a broker.

A friend who lives in Belltel brought over a copy of the minutes to see if Belltel's problems are endemic to new construction/conversions in general or particular to the building. Together, we know a fair number of people who've purchased units in other condos in the area (Lookout Hill on State, 110 Livingston, 53 Boerum). None of the other buildings have such issues.

If you want an apples to apples comparison, look at Belltel vs 110 Livingston. Both are historic conversions, both started construction at the same time, both went on sale at the same time and both started closings at roughly the same time.

Four year later, and 110 is completely done. The level of construction and finish is high, and according to friends in the building, it's also very well run (as indication, the board is running a surplus of funds). The sponsor, Two Trees, is well regarded and has a ton of experience in building and operating high end condos and apartments, so it's not a surprise that they're efficient and thorough.

Belltel, on the other hand, is STILL incomplete. They're also still dealing with teething issues that any competent and experienced developer/sponsor would've addressed ages ago. It's not like people moved in last month--they've been there for two years.

You really should read the minutes. The sponsor, Bristicer, completely lives up to his shady rep in the board meeting. When some residents asked him for a timeline for construction completion, his attorney said that it's a "board issue" (?!). When residents complained (rightfully) that the building is not as promised (after all, no parking, no rec room, unfinished deck and lobby, etc), he actually said to take it up with Douglas Elliman!

I was wrong, however, about him owing the building $170K from last year--he actually owes money to the building from TWO years ago.

Did you know that the Bistricer was banned for life from converting apartments to condos or co-ops in NY? That he has zero experience in building or operating "high end" condos? You're telling me THIS is the guy you want to buy an apartment from?

If you're looking at downtown Brooklyn, I think there are much better options out there.

10013 -- After reading your post, "Together, we know a fair number of people who've purchased units in other condos in the area (Lookout Hill on State, 110 Livingston, 53 Boerum). None of the other buildings have such issues." Are you sure you know lots of people and are you sure they live in the places you mentioned? I mean seriously 53 Boerum doesn't have "such issues"? The place that has the doorless fitness room awkwardly mounted on the side of its' lounge which itself seems to think is a lobby? And what about the lost laundry room? Poor souls have to schlep it across the multiple personality lobby / lounge to go get their laundry.

53 Boerum doesn't have half the amenities of Belltell or 110 Livingston, you can't even put in the same sentence let alone think about comparing it with Belltel's apples. Or do you like it more because the area isn't as "depressed" or "mixed"?

I just went into contract on Belltel. Was hoping for a fast close, but it turns out the developer let the TCO expire. sigh.