Priced Out of Dumbo? Try Manhattan.
November 26th, 2008
Are rentals and home prices in Dumbo higher than some Manhattan neighborhoods (below 90th Street)? Yes, according to a NY Daily News article. The article states that median rental prices in Dumbo (and Park Slope and Fort Greene) are higher than those in the East Village, Lower East Side, Upper East Side, Midtown East and Murray Hill. “The median sales prices in Brooklyn’s Fulton Ferry and DUMBO neighborhoods were higher than those in Midtown East, the East Village, Murray Hill and the Lower East Side”. Although they are talking about comparable apartment sizes, amenities, and types, it’s not so straightforward to compare an Upper East Side apartment to a Dumbo loft. There are other intangibles such as neighborhood, community, and building amenities. However, it all depends on the perspective of the resident, their commute, etc.
Based on Streeteasy.com data, rentals in Dumbo for 2+ bedrooms have a median price of $4900 and a median size of 1415 sq.ft., while rentals in Upper East Side, for example, for 2+ bedrooms have a median price of $5200 and a median size of 1400 sq.ft., but it’s comparing 992 listings for Upper East Side vs 19 listings in Dumbo, so supply and demand comes into play and the numbers don’t correspond to the Daily News story exactly. So is Dumbo, as the Upper West Side South, a reality?
12 Responses to “Priced Out of Dumbo? Try Manhattan.”
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November 26th, 2008 at 11:39 am
I recently moved out of my loft in DUMBO (was getting too old for room mates) and could not find anything in the neighborhood in my price range. Everything in DUMBO is either enormous or luxed-out so the prices are out of control. I also saw a few apartments at 135 Plymouth that were small and charged a fortune just for the “Raw Loft” quality of it. Being priced out of DUMBO, I now live in a 2 bedroom apartment in the Lower East Side.
November 26th, 2008 at 12:11 pm
they should send a reporter hunting for like kind properties and see where that goes.
roach infested tenement with view of wall 1 bedroom does not equal airy mint loft with open views 1 bedroom, and living on avenue C or york is less convenient to most of manhattan than dumbo.
November 26th, 2008 at 3:18 pm
I lived in Manhattan (Soho, UWS, Union Sq) and moved to Dumbo thinking that it would be temporary. After a year, I wouldn’t want to move back to Manhattan even if the prices were lower. Brooklyn has more culture, community, and is a lot more sane than much of Manhattan.
November 26th, 2008 at 3:27 pm
Parts of Brooklyn are just more desirable than parts of Manhattan. As BrooklynLove stated, the Daily News article is comparing the less desirable areas of Manhattan versus the most expensive parts of Brooklyn. Either way, I’d rather live in DUMBO, Park Slope, or Fort Greene over ANY neighborhood in Manhattan. Manhattan is becoming sterile.
November 26th, 2008 at 3:44 pm
come on! you mean to tell us that if Manhattan was cheaper, you’d stay in Brooklyn? with the discussions of the MTA cuts, Manhattan will have many more choices in transportation, more subway lines, buses, taxis, and even pedicabs. You can’t beat that. Manhattan is much more convenient than DUMBO or Brooklyn Heights.
November 26th, 2008 at 4:02 pm
I would live in DUMBO again if I could afford it. I love the neighborhood and still have a work space there. The fact is that there just isn’t that much residential besides luxury lofts. DUMBO is only for rich people now. Hopefully I can be one of them one day. In the meantime I will be living in the much cheaper Lower East Side.
November 26th, 2008 at 4:22 pm
the only reason i might live in manhattan is that it’s closer to work. now you understand why i’d rather live in brooklyn.
November 26th, 2008 at 8:34 pm
I wouldn’t leave Dumbo for Manhattan if you paid me.
November 27th, 2008 at 11:05 am
SAHM, you’re telling us that if someone paid you a $1million, you would not move? DUMBO has some great aspects and one of the better neighborhoods in nyc, but I know I would.
December 1st, 2008 at 1:41 pm
A million? Manhattan. Final answer.
December 2nd, 2008 at 10:41 am
There are a lot of things I would do for a million. It was a figure of speech. My point was…. Dumbo is a fabulous neighborhood to live in IMHO. Wouldn’t move back to Manhattan even if it was cheaper.
September 24th, 2009 at 12:00 am
I lived in Manhattan (Soho, UWS, Union Sq) and moved to Dumbo thinking that it would be temporary. After a year, I wouldn't want to move back to Manhattan even if the prices were lower. Brooklyn has more culture, community, and is a lot more sane than much of Manhattan.