07/21/15 11:00am

mark-jupiter-dumbo-brooklyn-14

Sponsored By 60 Water.

60 Water, in the heart of Dumbo, offers NYC's best views from its studio, 1-bedroom, and 2-bedroom apartments.

Created By BlankSlate

There’s no denying it: Dumbo is a neighborhood undergoing big changes. 60 Water, the new luxury apartment building to arrive in the neighborhood, is just the latest newcomer to a neighborhood that has been attracting creative types for over 30 years.

Artisans like woodworker Mark Jupiter are ensuring that the neighborhood maintains the vibes that sealed its reputation as an artists’ enclave in the 70s and 80s. We spoke to him about his custom furniture showroom on Plymouth Street, what led to his career in woodwork, and how he likes to spend his time in Dumbo. If you’re thinking of moving to Dumbo, you couldn’t have a better guide. (more…)

07/15/15 8:00am

With both Dumbo Heights and Empire Stores Dumbo being developed for retail and commercial use, there has been announced commercial, retail, and restaurant in the past few months. Both are scheduled for occupancy by the end of 2015 or early 2016. And with the 74,000-square-foot supermarket Wegmans opening in 2017, there’s plenty of retail activity in and around Dumbo, Fulton Ferry, and Brooklyn Heights.

Dumbo Heights

Sands Street between Adams and Pearl Streets (rendering by Dumbo Heights)

Sands Street between Adams and Pearl Streets (rendering by Dumbo Heights)

Dumbo Heights has announced leases to restaurants Dig Inn, Dos Toros and Untamed Sandwiches. The restaurants are scheduled to open by the end of the year. Dig Inn is coming to 55 Prospect Street, where it’s taking 2,525 square feet, while Dos Toros and Untamed Sandwiches are moving into 117 Adams Street, where they’re taking 1,563 square feet and 1,459 square feet, respectively. Also, Bluestone Lane has been chosen as a coffee retailer, where the café will open a 2,500 square feet location in the 55 Prospect Street building.

In addition to the food and drink locations, the following commercial space were announced earlier this year: frog design (55 Prospect St), Etsy (117 Adams St), WeWork (81 Prospect St), Alexis Bittar (77 Sands St).

Recently announced and reported on NY Post, Hotelier Ian Schrager revealed plans to convert the 30 story building at 90 Sands Street into a 600 room hotel with another 60,000 to 100,000 square feet of food-and-beverage services and meeting facilities. “It will also include an observatory-like restaurant at the top, which has expansive Manhattan skyline views. “Maybe Brooklyn’s answer to the Rainbow Room,” Schrager suggested.”

Other commercial and retail tenants to be announced as deals get inked.

Empire Stores Dumbo

Rendering courtesy of Empire Stores Dumbo

Rendering courtesy of Empire Stores Dumbo

The Empire Stores have come a long way from it’s days when the building structure was abandoned since the 1970s. Technically in Fulton Ferry Historic District, the Empire Stores is being marketed as Empire Stores Dumbo.

West Elm, the home furnishings retailer establishd in Dumbo, has already signed a lease for 150,000 square feet at Empire Stores for its corporate headquarters and a store. West Elm will have space for a coffee shop in partnership with Brooklyn Roasting Co.

Earlier this year, we noted that Shinola (with Cafe) along with restaurants Vinegar Hill House and Pizza East were signed on as tenants. Vinegar Hill House plans a takeaway outpost. It’s aiming for an early 2016 opening. It took a 1,750- square-foot space with outdoor seating in Empire Stores’ courtyard.

Pizza East is aiming for a spring 2016 opening with 13,000 square feet in size with outdoor seating in the complex’s courtyard and on the Brooklyn Bridge Park waterfront.

Related:
{Dumbo Heights to become a major eats destination following leases by Dig Inn, Dos Toros and Untamed Sandwiches, NYDN}
{Bluestone Lane chosen for Dumbo Heights, NYP}
{New restaurant tenants for iconic Empire Stores, Brookly Daily Eagle}
{New Looks At Dumbo’s Empire Stores, Set to Open in 6 Months, Curbed}
{Vinegar Hill House and London’s Pizza East Coming to Empire Stores in Dumbo, Eater}

07/14/15 6:17pm
Baci at Pearl Street Dumbo

Baci at Pearl Street Dumbo

We received the following commercial real estate update from Chris Havens, Vice President of Commercial Property at aptsandlofts.com.

As you may have heard, another 120,000 RSF of office space is leased or lease out at Dumbo Heights. ETSY now has possession of their building, promising a stunning and innovative build-out at a level never before seen in Brooklyn.

Two Trees continues to get great numbers for their product. I showed a prime view space in 20 Jay last week asking $49/rsf. Brokers and owners get Manhattan calls as you know, almost all of which can’t be fulfilled. When WeWork opens in what I like to call D Heights, combined with Pearl Realty’s Green-Desk, DUMBO will have by far the most co-working space in one area of Brooklyn.

Retail supply continues to be tight, but without the kind of rents one sees in denser areas. I am guessing the best rent comes via percentage at the One Old Fulton Shake Shack facing the Park. Around the borough, where asking rents are often too high for the only product type with much space left – small retail – you see overreaching based on marquee deals not reflective of the typical market. In DUMBO there are some ambitious asks going begging. And some retailers here say the shopping population has changed greatly with the huge influx of tourists, with dry goods harder to sell.

Dumbo Heights is bringing food and service retailers to their campus, at affordable rents. Other new developments now under construction have little retail space due to the high value of ground floor residential and parking spaces. One John does have a super prime park and waterfront restaurant space. Starwood has leased space to a restaurant at the base of the hotel they and Toll NYC built.

185 Front, 51 Jay, 47 Bridge and One John are building, marketing and selling. As David Walentas predicted decades ago, DUMBO has become super prime residential.

Programming by the Park Conservancy and the Dumbo Improvement District bring both tourists and locals, giving a strong sense of life to the area. Area residents and tenants regularly say more restaurants are needed, yet the high cost barriers to entry, the lack of proper space or 10 year lease terms hamper that effort.

I am told that up to three different child play spaces are coming, the first called RECESS at 81 Washington in the old Pomme space. One or more gyms are close to a deal as well. 135 Plymouth, settled down as residential now, has much activity in their ground floor space.

55 Water/Empire Stores is well into its renovation, with the guts of the building visible now. Several excellent retail deals have been announced. The Dock Street building, feared for its proximity to the Brooklyn Bridge, couldn’t have a more subtle, light and lovely façade, in my opinion. And the new middle school will be much welcomed by area families.

Previously:
{February 2015 Dumbo Commercial Real Estate Update, 25Feb2015}
{Spring 2014 Dumbo Commercial Real Estate Update, 16Apr2014}
{Dumbo Commercial Real Estate Update (December 2013), 16Dec2013}
{Dumbo Commercial Real Estate Update (June 2013), 02Jul2013}
{Dumbo Brooklyn Commercial Report (March 2012), 12Mar2012}
{Dumbo Brooklyn Retail Report (Jan 2012), 13Jan2012}
{Dumbo Retail Report (Dec 2011), 16Dec2011}
{Dumbo Commercial Real Estate Update (Nov 2011), 22Nov2011}