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.
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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
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]
Retail real estate could be on its way back, with recovery expected to begin in 2010, according to the latest data from Real Capital Analytics. Additionally, the overall shopping environment could be favoring smaller retail real estate firms, a trend that some industry experts predict may continue. While larger retail landlords, like U.S. shopping mall owner General Growth Properties, have suffered in the recession, smaller property owners are able to more quickly adjust to changing economic conditions, according to Adam Ginsburg, co-chairman of GDC Properties, a shopping center owner operating out of Hawthorne, N.Y. “Because of our size, decisions work themselves to the top of the company fairly quickly,” Ginsburg said. “We have a very flat organization and can pull the trigger faster than those that have to go through management layers such as investment committees.” September saw the first monthly gain in same store sales across the country — albeit a .1 percent gain — the first jump in more than a year. With shopping activity possibly stabilizing, the 2009 holiday season could be crucial for retail real estate, according to Retail Traffic magazine. Al Williams, principal with Excess Space Retail Services, a real estate lease restructuring firm, said that if the holiday shopping season doesn’t go smoothly, the U.S. could see between 6,000 and 8,000 store closings in the first two quarters of 2010. [Retail Traffic Mag] and