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?