Dumbo experiencing a mini-boom 

New York /
May.May 23, 2011 12:43 PM

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.

GDC Properties is restarting a Dumbo project that it abandoned during the downturn. The company bought a 220,000-square-foot warehouse at 220 Water Street in 2005, but did not break ground until September 2010. Rents will range from $2,400 for a 650-square-foot studio to slightly under $4,000 for a 1,500-square-foot two-bedroom unit.

The conversion of an old tea warehouse by Alloy Development and Hamlin Ventures, is also due to be completed in the next year. [WSJ]


Related Articles

arrow_forward_ios
Toll Brothers’ Robert Toll (Toll Brothers)
Toll Brothers co-founder Robert Toll dies
Toll Brothers co-founder Robert Toll dies
281 President Street and 1 John Street, Brooklyn (Streeteasy, Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Jumbo Dumbo condo claims top Brooklyn contract
Jumbo Dumbo condo claims top Brooklyn contract
777 Summer Street in Stamford and Toll Brothers Apartment Living president Charlies Elliott (Silverback Development, Toll Brothers)
Toll Brothers plans 355-unit apartment complex in Stamford
Toll Brothers plans 355-unit apartment complex in Stamford
Robert Toll, co-founder, Toll Brothers, in front of 30 East 85th Street (Google Maps, iStock)
Toll Brothers chief asks $22M for NYC penthouse
Toll Brothers chief asks $22M for NYC penthouse
205 Water Street and 267 Warren Street (Streeteasy, Corcoran)
Dumbo penthouse asking $4.9M tops Brooklyn’s luxury contracts
Dumbo penthouse asking $4.9M tops Brooklyn’s luxury contracts
Douglas Development's Jeffrey Levine, Toll Brothers' David Von Spreckelsen and Mayor Bill de Blasio (Getty, Toll Brothers)
De Blasio defied warning that he stop asking developers for donations
De Blasio defied warning that he stop asking developers for donations
A rendering of the 80 Flatbush project and Alloy CEO Jared Della Valle (Alloy, AIANY)
Developer joins climate advocates in pushing gas-hookup ban
Developer joins climate advocates in pushing gas-hookup ban
Toll Brothers CEO Doug Yearley and Equity Chairman Sam Zell (Twitter/Toll Brothers, Getty)
Equity, Toll Brothers partner on apartments for $1.9B
Equity, Toll Brothers partner on apartments for $1.9B
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...