The Real Deal New York

Two Trees downsizes units in Dumbo

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.