The Environmental Education Center at the Brooklyn Bridge Park in Dumbo opened last week, along with the park area along the river between Jay Street and Main Street in Dumbo. The Environmental Education Center broke ground in September 2014. The center will provide environmental education programs, community meeting space, and free public restrooms. Around the center includes stone seating, a bouldering wall, a new dog run, and expanded lawn space. (more…)
We’ve all had discussions about the neighborhood changes in Dumbo. Rents are expensive and going up. Dumbo is the most expensive Brooklyn neighborhood and has been for at least the past 10 years. And that’s affected the commercial and retail tenants that can’t keep up with the market pricing. But we all know the constant is change in Dumbo and it’s no longer the secluded urban wilderness we once knew. There’s good and bad to the changes.
Unfortunately, when stores close, business owners take on a huge burden and often financial loss. P.S. Bookshop is on the brink of closing, Baxter & Liebchen closed at the end of May and moved to Tribeca in Manhattan, Pinkberry closed in January, Zakka closed in August after 20 years in business (8 years in Dumbo), and of course Galapagos Art Space moved to Detriot. (more…)
MNS, the Brooklyn real estate firm published their July 2015 Brooklyn Rental Market Report last week (along with their Manhattan Rental Market Report). The report notes that average rents across Brooklyn increased by 0.74% from $2,710.02 June 2015 to $2,730.18 in July 2015. Over the past 12 months, Brooklyn rents are up 2.25%, from $$2,670.21 in July 2014 to $2,730.18 in July 2015.
The largest percentage increase in average prices was seen in Studio units in Williamsburg, which grew by 9.52%, again led by the new luxury building at 1 N 4th Place. The largest percentage decrease was seen in Studio units in Clinton Hill which decreased by 5.35%. This neighborhood also had one of the smallest studio sample sizes, making fluctuations in prices more sensitive relative to other areas.
The largest annual upward and downward shifts in rent prices were seen in Boerum Hill and Crown Heights. Rent increased by 9.4% in Boerum Hill from an average rent of $2,773.29 in July 2014 to $3,033 in July 2015. Crown Heights declined by 11.1% – from $2,110.39 in July 2014 to $1,876 in July 2015. Again, these neighborhoods consistently see smaller sample sizes so changes can be interpreted as moderately artificial. (more…)