02/26/15 3:00pm

MNS, the Brooklyn real estate firm published their January 2015 Brooklyn Rental Market Report earlier this week (along with their Manhattan Rental Market Report). Andrew Barrocas, CEO of MNS, notes that average rents throughout Brooklyn increased by 2.64% from $2,598 in January 2014 to $2,666 in January 2015.

The market has picked up since December 2014. The largest percentage increases in rent prices were seen in Studio units in Cobble Hill, Clinton Hill and DUMBO. The largest percentage drop was seen in Studio units in Greenpoint.

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brooklyn_market_dec_14a

Some other highlights of the report include the following:

  • Rent Prices in Brooklyn decreased by approximately 0.02%- from $2,666.88 in December 2014 to $2,666.26 in January 2015
    • Average rents throughout Brooklyn increased by 2.64% from $2,598 in January 2014
  • Listing Inventory increased slightly by 5.34% from 3,148 listings units in December 2014 to 3,316 listings Units in January 2015
  • The largest percentage increases in rent prices since December 2014*
    • Studios in Cobble Hill (up 11.3%), Clinton Hill (up 10.19%) and DUMBO (up 9.72%)
  • The largest percentage decreases in rent prices since December 2014*
    • Studios in Greenpoint (down 18.14%)

*It is important to note that these neighborhoods had 10 or less studio listings at the time the sample was taken, a minimal number compared to other Brooklyn neighborhoods

02/26/15 7:00am

coneyisland_overpass_beer

Coney Island Brewing Company introduced a beer inspired by “the legacy of Brooklyn as a haven for artists and homesteaders for the last forty years”, called Overpass IPA, a tribute to Dumbo.

From a press release dated January 27, 2015:

Overpass recognizes the artists, musicians and renaissance souls that staked claim and built a community Down Under the Manhattan Bridge Overpass (D.U.M.B.O.). Their creativity is embodied by the juicy citrus and tropical hop aromas in a deep golden, richly aromatic IPA.

“We wanted to bottle the essence of Brooklyn in our beers,” said Mike Sheehan, Coney Island Beer Ringleader. “With rich flavors, eclectic ingredients and a mix of both recognizable and subtle flavors, we hope people can really get a taste for the spirit of the borough.”

Coney Island Brewing Company’s Overpass is available at Foragers Market and at Bridge Fresh in Dumbo (other available locations: coneyislandbeer.com/find).

(This is not a sponsored post; we haven’t received or tried this beer, but if anyone has tried it, let us know what you think in the comments below).

02/25/15 6:24pm

177 Front Street

We received the following February 2015 update from Chris Havens, Vice President of Commercial Property at aptsandlofts.com.

The end of an era of views, brick and timber high floors and a great Brooklyn start up building! 10 Jay Street turns off their electric service April 1st and starts the conversion to residential use. 300,000 rsf of commercial leaves the market, hard on the heels of 1mm sf of prewar and other buildings in downtown Brooklyn.

Everyone knows about the Two Trees pricing move up, yet less visible are the new, higher asks east of the Manhattan Bridge. After forty years of plentiful ‘extra space storage’, I believe there will never again be enough commercial space for those who want to be here. This of course is the case almost everywhere in Brooklyn, which is now in real estate warp drive.

The Dumbo Heights development has two huge tenants in hand, with one taking their space over in several weeks, and is about to announce retail deals. Multiple tenants continue to negotiate, and the super high end (daily cleaning, electric included) smaller spaces are now on the market.

Same story at the Empire Stores, Where some fancy retail is coming for sure. Large office deals in Brooklyn take time, as they do anywhere, and there is much to look forward to at both of these properties.

Brooklyn Bridge Park can now glimpse the finish line, as the two residential projects build up (Pierhouse and One John Street). A battle is on about the third (at Pier 6). One of the most successful parks in New York City, the enormous visitor traffic is boosting DUMBO retail. 60 Water, Empire Stores and numerous spots on Old Fulton are coming on line. The Park is of inestimable value to DUMBO. Please support it, as many of you do. It’s made all of us richer in many ways!

The Watchtower Bible and Tract Society is talking and/or fending off numerous well-heeled investors about their remaining lands. It remains to be seen when they let go on of the Front Street pieces (and the 85 Jay Street lot).

With many office rent asks in the high forties, some leases will hit fifty later this year in the classic, veteran Dumbo buildings while new large leases land in the newer product.

Previously:
{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}

02/25/15 10:50am
Artist rendering courtesy of onejohnst.com

Artist rendering courtesy of onejohnst.com

Someone’s dream apartment just went on the market in Dumbo Brooklyn. The Real Deal reports that the largest penthouse unit at One John Street has been put on the market for $8.8million (or $2,400 per square foot) today. The 4 bedroom (plus 1 home office), 4.5 bath, 3,657 square foot condo will include a 693 square foot outdoor patio private space (with a gas grill and outdoor fireplace) facing the Manhattan Bridge, overlooking Manhattan. One John Street is a 12-story, 42-unit condominium project in Brooklyn Bridge Park in Dumbo designed and developed by Alloy Development and Monadnock Construction.

The Real Deal points out that this penthouse condo is one of the most expensive condo units in Brooklyn to date. It has 27 extra large windows. The two other condo units in Dumbo have a higher asking: The penthouse unit at One Main Street offered by Corcoran for $18million and a 5 bedroom, 4 bath, 4,187 square foot triplex at the Pierhouse is on the market for $10.5million.

PHE-SittingRoom-View2

Artist rendering courtesy of onejohnst.com

Artist rendering courtesy of onejohnst.com

onejohn_PHE_pdf

Related:
{Alloy asks $2,400 psf for One John St. penthouse, The Real Deal, 24Feb2015}
{Sales Open at One John Street. Already 1/3 Sold, 30sept2014}
{Prices for 1 John Street Condos at Brooklyn Bridge Park, 18Feb2014}
{Propsed Northern Entrance into Brooklyn Bridge Park on Jay Street, 11Sep2013}
{NYC Announces Developers for John Street Condos at Brooklyn Bridge Park, 01Aug2013}
{John Street Condo Design Presentation, 04Jun2013}
{NYC Announces Developers for John Street Condos at Brooklyn Bridge Park, 01Aug2013}

02/19/15 3:26pm

The NYC Department of Transportation (DOT) presented a plan to the Brooklyn Community Board 2 Transportation Committee on January 20, 2015 that proposes several updates to streets in Dumbo on 5 key street corners and sidewalk areas. As a result of a community walk-through organized by the Dumbo BID, DOT has developed this proposal to calm traffic, improve pedestrian safety, and improve pedestrian and bicycle access in the Dumbo neighborhood. The proposal fills gaps in the pedestrian network with new sidewalks and pedestrian spaces at underutilized roadbed locations, and accessible crossings. A two-way bicycle facility is also proposed on Jay Street.

The Community Board 2 Transportation Committee unanimously (with one abstention, 11-0-1) recommended that Community Board 2 support pedestrian safety improvements proposed by the DOT two weeks ago.

Streetsblog NYC reported that the DUMBO Improvement District director of marketing and events Kristin LaBuz attended the meeting, where the plan advanced to the full board in an 11-0 vote. “Though there is still much work to be done in the neighborhood,” she said, “we’re thrilled by DOT’s responsiveness to community concerns.”

The five areas for improvement are as follows:

  1. York St and Washington St: build concrete sidewalk extension, mark parking lanes and bike route, and potentially add parking to the south curb.

    dot_york_wash

  2. Pearl St and Front St: build concrete neckdown and granite paver crosswalk

    dot_front_pearl

  3. Pearl St and York St: build large concrete triangle island and painted pedestrian space, with two granite paver crosswalks

    dot_york_pearl

  4. Jay St and Prospect St: build large curb extension on NE corner and neckdowns on NW and SE corners, mark crosswalk on the north leg. Potentially add parking along new concrete.

    dot_jay_prospect

  5. Jay St Corridor: mark contraflow bicycle lane between Prospect St and York St, mark two way shared lane between York St and John St.

    dot_jay_yorkjohn

    dot_jay_prospectyork

In addition to the added safety for pedestrians and cyclists, the proposal adds approximately 15 parking spaces. DOT plans to begin construction on the project in August 2015.

DOT’s presentation to the Brooklyn Community Board 2 Transportation Committee (PDF)