Little activity at landmark BellTel Lofts
May 20, 2009 03:15PM By Jovana Rizzo
Ilan Bracha (left) and Marty Markowitz (right) were at BellTel's landmark ceremony
While BellTel Lofts' landmark status may be a draw for buyers, sales have slowed in the building and its retail space remains empty, the project's exclusive broker Ilan Bracha, chairman of the Bracha Group at Prudential Douglas Elliman, told The Real Deal today before the building's landmark designation event.
Bracha said that because of the downturn his team isn't close to signing a tenant for the 39,000 square feet of retail space at the Downtown Brooklyn building yet. Bracha added that he was in talks with Starbucks to take part of the space, but the deal fell through. Owners of clubs and lounges have also shown interest in the space, he said.
The Art Deco building, built in 1929 and 1930 as the Long Island headquarters of the New York Telephone Company, received its landmark plaque today from the New York Landmarks Preservation Foundation. The building became a landmark in 2004.
As has been the case at other developments, there have been price cuts at BellTel.
Prices for some units in the residential conversion have been cut by 5 percent, and a small portion of the empty apartments are for rent. The building, which has 250 units ranging from 600-square-foot studios to 2,700-square-foot duplex penthouses, was completed in 2007. The building is 55 percent sold, Bracha said, since sales began in October 2006.
While activity has slowed at the building, Brooklyn Borough President Marty Markowitz said he believes that BellTel will help spur residential development in the area and turn Downtown Brooklyn into a residential destination.
"For years, this was a commercial area," Markowitz said at the event. "Downtown is becoming a vibrant residential and work area, like some parts of Manhattan. But we're setting our own style."
The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments
Anonymous
Only an idiot broker would be talking to clubs and lounges in a residential building. If I had an apartment there, I'd sue Bracha just for talking to them, especially if he was the broker that sold me the apartment. This is clearly a case of "dumber and dumber!"
Comment #1 Posted By: Anonymous 05/20/09
Anonymous
A 39,000 square foot Starbucks! Wow, that could be a world record if it actually happened!
Comment #2 Posted By: Anonymous 05/20/09
Anonymous
Why is a residential broker, with no pulse on the retail market, trying to lease a 39,000 SF retail space? Retarded.
Comment #3 Posted By: Anonymous 05/20/09
Anonymous
Actually, with 39,000 feet they could put dozens of Starbucks in one location. Beat that Manhattan!
Comment #4 Posted By: Anonymous 05/20/09
Anonymous
#4 thats what happens when unexperienced developers rely on "brand names" like Bracha and Core Group. Clipper Equity is a firm with no website and main office listing. I had to find their number on Lobbying reports and they answer the phone by saying "management". Someone should send them Ripco's phone number so they can actually lease that retail space.
Comment #5 Posted By: Anonymous 05/20/09
Anonymous
It is shameful that the market gets a little tough and all these super brokers cant sell to save their life.
Comment #6 Posted By: Anonymous 05/20/09
Anonymous
Too painful to comment on this one. Hope Bistricer doesn't read this.
Comment #7 Posted By: Anonymous 05/21/09
Anonymous
Starbucks is downsizing Ilan.
Comment #8 Posted By: Anonymous 05/21/09
Anonymous
Has anyone walked that neighborhood? You'd be a fool to pay to pay what they're asking. A few years back, Chase Manhattan had it's own security detail paroling the neighborhoods. It's gotten safer since then, but Willoughby Street looks like Canal Street at it's busiest with run down stores, people visiting the local courthouse, and a jam-packed White Castle. The only thing is has going are all the subway lines nearby so that you can quickly escape elsewhere
Comment #9 Posted By: Anonymous 05/21/09
Anonymous
#9 you also forgot to mention the best selection in artificial human hair this side of the hudson!
Comment #10 Posted By: Anonymous 05/21/09