Dumbo’s Commercial Retail/Real Estate Holding Strong
October 14th, 2008
Julia Vitullo-Martin, of the Gotham Gazette, has an article out today on Brooklyn’s booming retail market. She points to Dumbo being a model of integrating commerce and residences for neighborhoods that are transforming to attract businesses and retail markets. Dumbo has attracted small, independent businesses which has attracted visitors to the small neighborhood. The article mentions David Walentas and his real estate company, Two Trees Management, has improved the neighborhood while keeping the industrial feel of the neighborhood in tact. They offered the owners or entrepreneurs bargain rent to make the streets attractive for the condo market (which is now considered Brooklyn’s most expensive neighborhood). Walentas is quoted:
“There wasn’t anything in this neighborhood when we bought in but a little tertiary manufacturing that was going out of business. We needed to make the streets attractive for condos. My wife went to a gym in the Heights, where she spotted Peas & Pickles Grocery, an excellent market. We offered them two years free rent to open here and a very low rent after that. We made them money and they made my neighborhood.”
Walentas relates a series of anecdotes about daring, young entrepreneurs with a vision – Jacques Torres Chocolates, Mikey’s Hookup – and his willingness to subsidize them, at least in the short run. (“It’s not forever,” he adds, just in case there’s any misunderstanding.)
Even with the softening of the residential market and the credit crisis in progress, Dumbo continues to attract commercial tenants in many industries. When we posted a call for Dumbo-based IT and tech related businesses, we didn’t expect so many entrepreneurs and IT/media companies. (Thank you for all who emailed us! We may post a directory for other businesses to connect at some point.) We were able to fill some work for local businesses.
Related: {Brooklyn’s Retail Boom, 14Oct2008, Gotham Gazette}
{Good News for Commercial Real Estate in Dumbo, 08Oct2008, Brownstoner}
{Dumbo Based Waterfront Media Merge with Revolution Health, 03Oct2008}
{Dumbo Retail, 26Sept2008}
3 Responses to “Dumbo’s Commercial Retail/Real Estate Holding Strong”
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- Dumbo Commercial Real Estate Update (Nov 2011)
- Dumbo is Brooklyn’s Priciest Neighborhood
- Dumbo’s $2million+ Listings (and 202 and 204 Front St)
- Dumbo Brooklyn Commercial Report (March 2012)
- Rapid Realty Leases Space in Dumbo
- Dumbo Top Ten in 2008
- Dumbo Is One of the Most Expensive NYC Neighborhoods (Q2 2011)
- Is Dumbo Real Estate Holding Steady?
- Today’s Events in Dumbo (11/29/06)
- New Commercial Building at 231 Front Street (Vinegar Hill)
August 6th, 2009 at 9:32 am
[...] feet), but as real estate limps into 2009, we may see more drops in prices. Dumbo continued to attract commercial and retail tenants in 2008. The loft prices in 2009 will likely mirror the market in Manhattan, but the neighborhood seems to [...]
October 31st, 2009 at 5:19 am
With the commercial real estate market in the throes of a major slump due to the double whammy of a recession . But the situation is changing.
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October 31st, 2009 at 9:19 am
With the commercial real estate market in the throes of a major slump due to the double whammy of a recession . But the situation is changing.
Through online we can find quality rental commercial properties and
commercial real estate services in the US and Canada.
It is free, easy-to-use search feature, renters can look for apartments,
commercial office space
and other commercial properties for rent or lease in their local area and abroad with great ease and accuracy.
Property owners can also choose from hundreds of listed licensed realtors and property managers.