Dumbo is Brooklyn’s Priciest Neighborhood
October 2nd, 2008
The NY Post takes a look at Dumbo, where the average price per square foot in the second quarter of 2008 was $917, according to the Real Estate Board of New York (REBNY). (Compare that to Brooklyn Heights at $834 and Park Slope at $801.) While the economy is in a tailspin, Dumbo is still pricey, according to the article, because the neighborhood has no walkup co-ops and filled with luxury condo conversions. It’s proximity to Manhattan, the views, industrial building conversions, and relatively new amenities and services that have been added to the area have helped keep the real estate prices up.
An interesting tidbit from Asher Abehsera, president of developer Two Trees’ leasing department, said that the company just turned down an offer of $20 million for the 6,500-square-foot 1 Main clocktower penthouse, sight unseen and the area’s real estate will climb even higher. Rents aren’t cheap either. “According to Abehsera, they range from about $2,800 for the least expensive one-bedroom apartment up to $8,000 for the most expensive three-bedroom.”
The article also talked to a resident who purchased a $260,000, 1,260-square-foot apartment at 1 Main in 1998, sold for $895,000, then purchased his next apartment at 30 Main for $520,000, sold it for $885,000 four years later, and ended up at a $1.2 million 70 Washington condo.
Below are the data of listings for sale and rent in Dumbo (as of October 1, 2008), according to Streeteasy.com:
(Data from Streeteasy.com)
{Low-key Dumbo Is Actually Brooklyn’s High-water Mark, 02Oct2008, NY Post}
{Dumbo Retail News, 02Oct2008, NY Post}
{Is Dumbo Real Estate Holding Steady?. 25July2008}
10 Responses to “Dumbo is Brooklyn’s Priciest Neighborhood”
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October 2nd, 2008 at 2:36 pm
The link to Dumbo retail news was very interesting. References to three developments: 220 Water St — 134 rental units; 37 Bridge — 48 condos and, of course, Dock Street– 350 rentals and a trojan horse in the form of a middle school (in a neighborhood which already has a middle school). The Walentas public relations machine rolls on. It seems like there is an article in the Post related to Dock St. or Dumbo (with Dock Street references) every month. Isn’t anyone offended by the proposed abomination on Dock St., which will literally be situated under and immediately alongside the Brooklyn Bridge (between its tower and anchorage)?
October 2nd, 2008 at 2:39 pm
correction: the info regarding the three developments was actually w/in the “High-Water Mark” article.
October 3rd, 2008 at 11:01 pm
This building is an atrocity.
October 3rd, 2008 at 11:12 pm
Too bad I can’t afford to live here.
October 8th, 2008 at 12:28 pm
[...] previously reported that Dumbo is Brooklyn’s priciest neighborhood, according to the Real Estate Board of New York report. The report, the 2nd Quarter 2008 [...]
January 1st, 2009 at 5:19 pm
[...] for Dumbo. Change was the theme for 2007 and 2006, but in 2008, Dumbo seemed more stable and became Brooklyn’s priciest neighborhood, which is to say that gentrification has come and is here to stay (much to the dismay of long time [...]
August 27th, 2010 at 12:14 am
[...] or area celebrities that add to this ranking; Gay/Lesbian community is strong, and home prices are tops in Brooklyn. Overall lowest [...]
December 22nd, 2010 at 10:35 pm
[...] Data, Curbed} {Making sense of the Census, BK Paper} {Census 2010 and the East Village, EV Grieve} {Dumbo is Brooklyn’s Priciest Neighborhood, 02Oct2008} {Dumbo Scorecard on NabeWise, 27Aug2010} {NYMag’s Most Livable Neighborhoods List, [...]
January 6th, 2011 at 12:04 pm
[...] is still one of the most expensive neighborhoods in Brooklyn with the highest median household income in Brooklyn, so this a welcome opportunity for those who [...]
August 16th, 2011 at 4:18 pm
[...] forth most expensive neighborhood in NYC, according to a Property Shark analysis released today. Previous real estate reports already showed that Dumbo is the most expensive Brooklyn neighborhood. Property Shark says, [...]