Dumbo is Brooklyn's Priciest Neighborhood

Manhattan Bridge Archway

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}

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