Must Sign a Contract Between No v. 1 and Nov. 25
Compiled by Linda Collins
Brooklyn Daily Eagle
DOWNTOWN BROOKLYN — BellTel Lofts, at 365 Bridge St. in Downtown Brooklyn, is offering to cover closing costs for new homebuyers.
JJ Bistricer, vice president of Clipper Equity, the developer, said that all those who purchase a condo (meaning they have signed a contract) between Sunday, Nov. 1, and Wednesday, Nov. 25, will have their closing costs paid by the Clipper Equity.
“Closing costs for residences under $1 million are approximately 5 percent of the purchase price,” he said.
Ilan Bracha, of Prudential Douglas Elliman’s Bracha Group, who is handling sales, “The Brooklyn market is beginning to strengthen and new inventory in the $500,000-to-low-$1 million range is drawing more attention.”
BellTel has released 15 new units in this range, according to Bracha. “The sponsor’s incentive of paying closing costs adds to the great value of buying at BellTel Lofts.”
“Although borrowers do not need to take an FHA approved loan, the fact that BellTel Lofts is FHA approved makes it considerably easier to finance a mortgage at this property,” stated Steve Hartstein, condominium mortgage specialist with First Meridian Mortgage.
To kick off this new incentive effort, a special open house is planned onsite for Sunday, Nov. 1, from 11 a.m. to 6 p.m.
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