No property tax for BellTel owners

March 31, 2009 10:46AM

 Ilan Bracha’s (left) Bracha Group is the exclusive agent for BellTel Lofts.

Developer Clipper
Equity has announced that owners at BellTel Lofts will pay no property
taxes for 10 years because of the J-51 Property Tax Abatement
designated by the New York City Department of Housing Preservation and
Development. Tax exemption and benefits in the J-51 abatement vary from
building to building, depending on the property’s location and the
nature of the building’s improvements. Owners at BellTel were
originally given a 50 percent tax abatement
for 10 years, but that was recently changed to a full tax abatement. JJ
Bistricer, executive vice president of Clipper Equity, said it was
increased because of the company’s meticulous preservation of the
landmark building.
Savings for owners can range from $44,000 to $100,000
until 2019, the developer said. The 250-unit BellTel Lofts is about 55
percent sold, with prices starting at $656,000. The Bracha Group is the
exclusive sales and marketing agent for the project. Other buildings that have the J-51 abatement include Plaza North and Stuyvesant Town and Peter
Cooper Village. TRD

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