With wave of new developments, western Dumbo now awaits retail

New York /
May.May 11, 2012 09:00 AM

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]


Related Articles

arrow_forward_ios
From left: Vorea Group’s Peter Papamichael, Turnbridge Equities’ Andrew Joblon and Chetrit Group’s Joseph Chetrit
Ranking New York’s most active developers
Ranking New York’s most active developers
The Instagramable view from Washington Street in Dumbo. (Getty)
Dumbo apartment comes with unlimited Instagram moments
Dumbo apartment comes with unlimited Instagram moments
Two Trees Management's Jed Walentas and 50 West 23rd Street (Walentas/via Marc Skrivo, Google Maps, iStock)
Trustpilot takes 34k sf at Two Trees’ Midtown South building
Trustpilot takes 34k sf at Two Trees’ Midtown South building
Fortis' Jonathan Landau with Olympia Dumbo (Fortis Property Group, Olympia Dumbo)
Fortis’ Olympia Dumbo on track to be Brooklyn’s most expensive building
Fortis’ Olympia Dumbo on track to be Brooklyn’s most expensive building
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
Unit 16A at 30 Front Street (StreetEasy, 30 Front Street)
Condo at 30 Front Street leads Brooklyn contracts — again
Condo at 30 Front Street leads Brooklyn contracts — again
A photo illustration of 36 Grace Court in Brooklyn (iStock, StreetEasy)
Century-old townhome with Verrazzano view leads Brooklyn luxury market
Century-old townhome with Verrazzano view leads Brooklyn luxury market
30 Front Street (Douglas Elliman, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Fortis apartment asking $7.5M leads Brooklyn deals
Fortis apartment asking $7.5M leads Brooklyn deals
arrow_forward_ios

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

Loading...