The Real Deal New York

East Dumbo sees rise in development projects

The section of Dumbo east of the Manhattan bridge is undergoing rapid development, catching up with “prime Dumbo” on the other side of the bridge.

Recent projects in east Dumbo include a rental building at 220 Water Street and condominium buildings at 185 Plymouth Street and 192 Water Street. Big-name developers such as the Toll Brothers have also been attracted to the area, with condo projects such as 205 Water Street.

But until those projects are completed, inventory remains tight, with only about 20 homes on the market at some of Brooklyn’s highest prices, Halstead Property’s Terrence Le Ray told the New York Times.

On the rental front, however, there are plenty of apartments available. One bedrooms begin at about $3,000 per month, while three-bedrooms begin at about 7,000, Deborah Brener Zolan, a Brown Harris Stevens agent, and Dumbo resident, told the newspaper. [NYT] Hiten Samtani