January 9th, 2013
Since our last New to Market post on December 10, there’s only been one new condo on the market, this penthouse unit at 57 Front Street. Brokers tell us that there’s less than 15 units on the market, a very low inventory. According to Streeteasy, there are 18 listings (several of these may be pending, which may be the difference between the number we were given), with a median price of $1,119,500, median size of 1,191 ft² (median price per ft²: $875).
It’s now listed for $1,350,000, monthly maintenance is $744, and tax is $227. (Elliman). The listing says it is “investor friendly, this apartment currently commands $6K per month in rental income. Offering one of DUMBO’s largest private roof garden terraces, all 830 square feet are adorned with a stunning variety of mature Japanese maples & cherry blossoms, spruces, English topiaries & heirloom fragrant roses, plus outdoor dining and chaise lounge seating that allows for comfortable repose, creating a sanctuary all your own.” This is a beautiful apartment, with a lot of outdoor space, but with only one bedroom, it may be perfect for a bachelor or couple.