The Real Deal New York

Two Trees downsizes units in Dumbo

June 27, 2013 06:00PM

Dumbo is known for being home to large (and pricey) lofts. But Two Trees Management, the developer widely credited with transforming the industrial area into a residential neighborhood, is taking a new tack, Crain’s reported.

At 30 Washington Street, a rental conversion, the developer is eschewing open lofts for smaller units — a tactic the company also used at its 25 Washington Street rentals two years ago.

“Dumbo, including our properties, used to be all about these big lofts, but we’ve had a lot of tenants tell us, ‘Yeah, all this space is wonderful, but what do I do with it?'” Ashley Wirkus, director of operations at Two Trees, told Crain’s.

The 94 homes inside 30 Washington span from one-bedrooms measuring 550 square feet to two-bedroom units just over 1,000 square feet. The building had a soft launch this month, and over a third of the units are leased. Rents run from $3,125 for a one-bedroom to $5,700 for a two-bedroom on the top floor of the seven-story building.

The building is expected to reach the fully leased benchmark by August. [Crain’s]Zachary Kussin

Correction: A previous version of this post stated that 30 Washington Street has 92 units, due to an error in the original story. The building has 94, according to a Two Trees spokesperson.