Though Dumbo long ago shook its “emerging” label and is considered an established residential neighborhood, the New York Times noted that a series of new developments are making their mark on the western section of the area. Now, developers are waiting for retail to follow.
The 134-unit rental building at 220 Water Street, developed by GDC Properties, opened in December and is now 50 percent leased with 35 occupied apartments. Across the street, at 205 Water Street, Toll Brothers is finishing off construction on a 65-unit condominium that is 70 percent sold and could welcome its first residents later this month. Within a block, there’s the recently converted Kirkman Lofts at 37 Bridge Street and a 12-unit condominium at 192 Water Street. Condos are also coming to 133 Water Street, in the form of a 52-unit Robert Scarano-designed building that opened in 2006 as a rental tower.
Two Trees Management, which is practically synonymous with Dumbo development, has a few of its own projects in the works. Across the street from the 100 units it recently converted at 25 Washington Street, Two Trees has started work on a residential conversion of 30 Washington Street into 100 rental units. It also plans to begin work in July on a 17-story, 400-unit Dock Street apartment tower.
The Times said developers hope that the new wave of residents will help spur retail growth, which has been slow to arrive to this point, in the westernmost part of Dumbo. [NYT]