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BellTel Lofts Seller Speaks: 'I'm Taking A Hit'

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Yesterday, we featured a reader report of inconsistent pricing between two units at Downtown Brooklyn development BellTel Lofts. The better deal, or so it seems, is to be had at Unit 5B, a true two-bedroom priced at $749,000 (down from $799,000). Now, whether or not that's actually a deal in this market is of course up for debate, which is why we were intrigued to open the Curbed inbox this morning and find this greeting: "Dear Curbed, I'm the owner of apartment 5B, and this is my story."

The owner of 5B emails us:

Dear Curbed,
I just read CurbedWire: Tale of Two BellTels in Downtown Brooklyn
I’m the owner of apartment 5B, and this is my story. My wife and I bought this apartment from the developer in October of 2007.  We had many buildings to chose from, but chose BellTel. Why?
-Grand Art Deco lobby (probably the best lobby/entrance in Downtown Brooklyn)
-Access to the N, R, M, A, C, F, B, Q, 2, 3, 4, 5 trains within 2 blocks
-Garage for residents
-Great finishes in the units
-Fitness center, media room, and children’s playroom, and 24hr concierge service
-Family friendly building (probably 50% young families), and a community spirit (several rooftop cookouts during the summer arranged by residents)
At the time, we also had our pick of units in the building. We picked 5B because we thought it was the best deal in the building. It is a very large real two bedroom for the money (1293 sq ft), with full 2 baths, and 5 six foot windows (2 in the master bedroom and 1 in the second bedroom). I think if you look at what else is being offered in the building you will find that they are either a lot more expensive, or have less attractive layouts.
So why are we selling? We just had a baby in June 2008. We would like to go for a second baby soon. So we’re outgrowing the apartment, and are probably heading for the ‘burbs soon. So yes - we are motivated to sell. We know the market, and we have priced our apartment to be the best high–end 2 bedroom deal in Brooklyn. At this price, I’m taking a hit on my original down payment. But unlike some people, it is very important to me and my wife that we repay our bank in full, and maintain our credit rating. We also love this apartment. If it doesn’t sell at this price, we’ll make it work with two babies. The more the merrier, as they say.

Owner of 5B· Listing: 365 Bridge Street #5B [Elliman]
· CurbedWire: Tale of Two BellTels in Downtown Brooklyn [Curbed]