220 Water Street

Nine months after hitting the rental market, 220 Water Street in Dumbo has fully leased out, Brownstoner reported. The 134-unit property has a mix of studios, one bedrooms and two bedrooms.

As The Real Deal previously reported, 220 Water was Westchester-based GDC Properties’ first New York City project. The property itself was formerly a shoe factory. [more]

220 Water Street

Westchester-based GDC Properties has completed its first New York City project, and renters can begin moving into the five-story 134-unit factory conversion at 220 Water Street, the firm said today.

The rental building was converted from the century-old former Hanan & Son shoe factory and features 14-foot ceilings and the industrial facade from its original use. [more]

Come January, rental building 220 Water Street in Dumbo will open with a mix of studios and one- and two-bedroom lofts, according to its new website, Dumbo NYC reported. The GDC Properties-developed project will
include a sky-lit lobby, fitness center and yoga room, self-parking garage, rooftop lounge with outdoor kitchen and cold storage for
grocery deliveries. A sign on the property also indicates that there is a ground-level space for lease for a cafe, restaurant or retail.
The building, originally a warehouse, was constructed in 1905 and
retains its original brick design as a result of its landmark
designation. GDC bought it in 2005, but did not break ground until
2010 because of the
downturn.
[Dumbo NYC]

Brooklyn’s Dumbo neighborhood is experiencing a mini-boom as rezoning and a strong demand for housing take hold in the hotly-desired neighborhood. There are around 3,600 people currently living in the area, according to Alexandria Sica, executive director of the Dumbo Improvement District, but with new housing developments sprouting up across the area, she expects there to be 4,000 by the end of 2011.Toll Brothers is proceeding with a 65-unit condominium at 205 Water Street thanks to rezoning approved by the city in 2009, according to the Wall Street Journal. Construction is slated to finish in 2012 with apartment prices averaging about $800 per square foot…. [more]