NEW YORK – JULY 29, 2009 – JJ Bistricer, executive vice president of Clipper Equity, developer of BellTel Lofts, announced, “BellTel Lofts has just received Federal Housing Administration (FHA) approval for qualified buyers – we are the first luxury condominium in Downtown Brooklyn to receive this FHA approval and are excited that more qualified buyers will be able to access mortgages here.” According to a June 28, 2009 New York Times article, FHA “loans now make up nearly a quarter of the market.”

Ilan Bracha, managing director of The Bracha Group, Prudential Douglas Elliman announced, “BellTel Lofts presently has 3 contracts signed and we are working with other serious buyers. Purchasers coming to BellTel having done their homework, they understand the value they are getting here and realize the market is starting to move in Brooklyn. They don’t want to be left out.” To celebrate BellTel Lofts FHA approval, Ilan Bracha has announced a Summer Promotion which will run until Labor Day. “Now with FHA support, buyers can put as little as $17,000 down on a unit and buy into the best investment in Brooklyn today,” added Bracha.

FHA Approval means that approved purchasers can receive up to 96% financing on loans up to $729,000 and they can apply for a 5% fixed rate 30 year mortgage. In addition to this financial incentive, all BellTel Lofts homeowners benefit from the J-51 Tax Abatement the building received as a result of the complete rehabilitation and preservation of the building. This translates to no real estate taxes for 10 years for BellTel Lofts owners. This NYC Landmark Art Deco luxury condominium conversion, at 365 Bridge Street, is now over 55% sold. BellTel Lofts has 250 units which range from 600 to 2,700 square feet.

BellTel Lofts: Constructed in 1929-1930, BellTel Lofts is the former headquarters of the New York Telephone Company and was designed by architect Ralph Walker. The architecture firm Beyer Blinder Belle, famous for its renovation and restoration of Grand Central Station, infused modern elements into the classic pre-war design when they converted it to luxury condominiums. The building was designated an individual landmark by the NYC Landmark Preservation Commission in 2004. Located in Downtown Brooklyn, at 365 Bridge Street, BellTel Lofts is a masterful example of Art Deco style. Twenty-seven stories, BellTel Lofts features 250 residences, include studios, one-, two-, three-bedroom lofts and duplex penthouses, which range from 600 to 2,700 square feet, all with high ceilings. Fifty-eight of the units offer breathtaking panoramic views from outdoor terraces, ranging in size from 100-to-500 square feet.

About Clipper Equity LLC: Clipper Equity, a New York-based development company, specializes in transforming under-performing properties in strategic locations into highly profitable ventures while keeping
them affordable for homeowners. This is accomplished by repositioning properties so they reach their highest value and best use. Clipper Equity’s portfolio comprises close to 6,000 residential and mixed-use real estate projects in the northeastern metropolitan area. The three generation company, was founded in 1952 by Moric Bistricer, and today is led by partners David Bistricer and Sam Levinson and executive vice president JJ Bistricer.

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