Developers Drop Dumbo Market Into Long Island City Project

A large development in Long Island City has found its retail anchor tenant.

Grocery chain Dumbo Market signed a lease for 13,500 square feet at Jasper, a $370 million mixed-use project at 2-33 50th Avenue in the Queens neighborhood. The lease was announced by the joint venture behind the development, which includes Vorea Group, Domain Companies, L+M Development Partners (through its mixed-income housing affiliate LMXD) and Bridge Investment Group.

Dumbo Market is making a minor move, jumping across the street to Jasper. The store is expected to open early next year when the residential portion of the project is slated for completion.

The lease is for 15 years, a representative of the developers told The Real Deal. The representative declined to disclose the asking rent for the lease.

The New York Post first reported on Dumbo Market’s lease, which was brokered by Igloo.

The developers broke ground on the 499-unit rental project in 2022 after securing a $220 million construction loan from Wells Fargo. The joint venture acquired the site months earlier from self-storage company Fortress Corporation for $88 million.

The Opportunity Zone-located parcel spans a full block on 5th Street between 49th and 50th avenues near the Hunter’s Point waterfront. The 484,000-square-foot project will include a community facility and amenities such as outdoor terraces, a pool, fitness equipment, a yoga studio, bike storage, landscaped courtyards, a game room, BBQ areas, a residential lounge and co-working space.

Additionally, 30 percent of the apartments will be set aside for income-restricted housing. Construction on the 13-story building was ongoing as of December, according to YIMBY.

Dumbo Market is in the midst of an expansion. The grocery chain already has two locations in Brooklyn and is set to soon open one across state lines in Hoboken, New Jersey.