Dumbo NYC

Notes from the DUMBO, Brooklyn NY neighborhood


Aug 2007 Edition: Lowest Dumbo Apartment on the Market

August 23rd, 2007

NYC real estate prices continue to increase despite a housing slump in the rest of the country. Dumbo is no exception in NYC, with average and median asking prices above $1million and average price per square feet inching closer to $900. So let’s take a look at the least expensive apartments in Dumbo. The least expensive on the market is priced at $475,000. There are currently two units on the market at this price:

1) 206 Front Street, Apt 2D

Alcove studio 540 sqft (with 104 sqft roof terrace), Storage Bin Included, 9 Ft Ceilngs, Subzero, Wide Plank Maple Floors, Washer/Dryer Hook Up Nero Impala counters, Kohler stainless steel sinks, Deep-Soaking Tub
Maint/CC: $386
Taxes: $29 (monthly)
$880 per sqft

2) 100 Jay Street, #5J

Alcove studio 582 sqft; Features include granite kitchen countertops, designer hardwood cabinets, marble vanities, sinks and showers with Grohe faucets, soaking tub, elegant Brazilian cherry wood floors, Asko washers and dryers
Maint/CC: $350
Taxes: $9 (monthly)
$816 per sqft

With these prices, is Dumbo real estate protected from its proximity to Manhattan or are we due for a correction?

{Corcoran listing for 206 Front St, #2D}
{Citi-habitats Listing for 100 Jay #5J}
Previously:
{Dumbo Condo Real Estate Market: April 2007 Edition}

Filed in Front Street, Jay Street, Real Estate at 12:29 am
Comments
  • anon
    I think we're beginning to see the start of price correction in DUMBO, check out Streeteasy.com, most of the for sale listings have dropped their prices in the last 2 weeks. There are a lot of listings priced at over $900 a square foot that have already dropped prices. How much more prices will go down is anyone's guess.
  • anonymous
    Not sure about a price correction for Dumbo. This is a desirable neighborhood with little inventory. That said, the studio has been sitting on the market, but have heard there is interest in the one-bedroom and another one bedroom in the building sold at ask after sitting on the market for 6 days.
  • anonymous
    <a href="http://www.streeteasy.com/nyc/sale/97452-condo-206-front-street-dumbo-brooklyn" rel="nofollow">Streeteasy.com listing / 1 bed sold at $927 per square foot / a flip profit of $160K
  • Dan
    I am not sure that Streeteasy link represents an actual sale. The listing was pulled two days ago, but I live in the building and someone just moved into that unit a few days ago. I'm not sure what is going on.

    As for a price correction in DUMBO, I think the issue isn't so much declining prices (yet), but rather investors who are trying to flip properties at prices that are just too aggressive, thus leading to price cuts. I don't know if we are at $900/sq ft yet in the area, outside of exceptional units with great views or other features that really distinguish them from what else is on the market.
  • anonymous
    I live in the building, too. It is an actual sale.
  • Bobbybaby
    Reality check I work Wall Street and here asking 1350 sq foot to live in condo on 25 Broad St. Whats better Dumbo or Wall St area. Duh DUMBO far superior.
  • WStreet
    DUMBO is great, but why is it far superior to Wall Street area? just asking..
  • Bobbybaby
    Look I can enjoy the two parks enjoy the fresh air off river,catch a free flick enjoy sculpture garden, and generally feel at peace otoh over here Waal St)where I am now its congested daytime but sorta dead after 6 PM, Maybe its just me but I prefer dumbo cobblestones and picturesque views to downtown esp if I get it at discount
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