Lowest Priced Dumbo Condo (October 2009)


(100 Gold Street)

What are the least expensive Dumbo condos on the market today? If you can’t afford the much publicized $25 million penthouse at One Main Street (For that one, see our prior post or its own website at clocktowerny.com), the current entry cost for owning a condo in Dumbo is $450,000 ($642/sqft) at 100 Gold Street (#2F). When we looked at the lowest priced Dumbo condos in Aug 2007, June 2008, June 2009, the lowest prices were $475k ($880/sqft), $550k ($686/sqft) and $450k ($773/sqft). These are the lowest cost condos for sale in Dumbo today, which fall within the range of past lowest cost condos:

As we did back in June 2009, we asked a few local real estate brokers (who wished to remain anonymous) about the state of real estate in Dumbo, and cited that Dumbo prices are holding steady according to recent sales despite the economy. We all know they’re an optimistic bunch, but can it be true that Dumbo is saved from the downturn?

58 Comment

  • gold street doesnt really count as dumbo

  • gold street doesnt really count as dumbo

  • what would that rent for?

  • what would that rent for?

  • Anyone who would pay $861/sq. ft. for a second floor apt. at 206 Front would have to have a dunce cap surgically bolted to their head. According to Street Easy, the average sale price at 206 Front is $693./ft.

    The most recent sale at 1 Main, Dumbo’s flagship building, was a prime 1,655 sq ft. loft with a great protected view of the Brooklyn Bridge and skyline, that sold for about $880/sq. ft. Sellers can ask whatever they want, but what a buyer offers and where it finally closes, is another matter entirely. In September 2009, a similarly sized unit at 70 Wash sold for the identical price.

    Even the $880/sq ft “get price” @ 1 Main is down a good $100-200/ft from 2007.
    The apts listed @ 206 Front are small, 540 sq. ft., and have no views, so the asking prices are unrealistic.

    At 70 Washington the avg sale garners $890/sq. ft.
    1 Main, the avg sale is $861/sq ft.
    Sweeney’s avg is $767/sq. ft.

    Dumbo has hardly been spared from the downturn, and it has a way to go before it hits bottom. There are also different circumstances for different buildings. The situation at 1 Main should be a clarion call for all condos. That building’s capital reserve is so low that even buyers with good credit and liquid assets can’t secure financing. There is currently a unit at 1 Main that has been in contract for two months, which hints of a deal falling apart. Also, a story that has now been confirmed by a dozen people at 1 Main, is that one resident couldn’t secure refinancing and was informed by the bank that the building was a bad credit. Yikes. That doesn’t bode well for the $25 million loft up top and explains why, of the twenty or so units that have been on sale in that building over 2009, only three have sold. It may also explain why, in that condo’s ten year history, about 80% of all the people who have served on the board have sold and fled.

    The problem that afflicts Sweeney is the imminent rise of the Dock Street project.
    Apt. 8G, a 2,500 sq ft 3BR is currently asking close to $1,100/sq. ft. But anyone who does their due diligence will see that their lovely views will soon be history. They’ll be lucky to get $800/ft. Similar lofts at 1 Main (great spaces with and without views) have been languishing now for close to a year. In addition to the building’s financial frailties, the asking prices are not in reality.

    Regardless of what anyone thinks, one thing is for certain, the days of $1,000/ft are over. The days of 10% down are over. So buildings better be financially stellar and buyers, at least for awhile, should expect to come out of pocket with a large percentage (as much as 50%) of the price. And sellers need to understand that Dumbo is not, never has been, and never will be Tribeca.

    • Dock Street will only affect a small and unimportant part of the view from 30 Main Street, 8G. I live in the building and have been in the unit many times. That apartment looks over the entire Brooklyn Bridge, the East River and the Manhattan Bridge. 80% of the view is over landmarked buildings and parkland and is protected. The real victims of the proposed Dock Street building are anyone who has a western facing unit in 70 Washington. Becuase of their angled perspective onto the Brooklyn Bridge, 80% of their view will be gone. The buyers of those units were principally concerned with the prospect of construction on the adjoining Jehovah's parking lot. They never thought Walentas was planning to build on the lots across the street and block their view.

      • Point taken. But should Dock Street rise, it will effectively be a wall to a portion of their westerly view, giving them a view similar to units in the front of 1 Main, which are currently fetching about $880/ft. And Sweeney, as a whole, is averaging $767/ft. I wish them well. All I'm suggesting is that there are other real factors that belie the asking price. And while, yes, Dock Street may not destroy their entire view, it will change the character.

  • Anyone who would pay $861/sq. ft. for a second floor apt. at 206 Front would have to have a dunce cap surgically bolted to their head. According to Street Easy, the average sale price at 206 Front is $693./ft.

    The most recent sale at 1 Main, Dumbo’s flagship building, was a prime 1,655 sq ft. loft with a great protected view of the Brooklyn Bridge and skyline, that sold for about $880/sq. ft. Sellers can ask whatever they want, but what a buyer offers and where it finally closes, is another matter entirely. In September 2009, a similarly sized unit at 70 Wash sold for the identical price.

    Even the $880/sq ft “get price” @ 1 Main is down a good $100-200/ft from 2007.
    The apts listed @ 206 Front are small, 540 sq. ft., and have no views, so the asking prices are unrealistic.

    At 70 Washington the avg sale garners $890/sq. ft.
    1 Main, the avg sale is $861/sq ft.
    Sweeney’s avg is $767/sq. ft.

    Dumbo has hardly been spared from the downturn, and it has a way to go before it hits bottom. There are also different circumstances for different buildings. The situation at 1 Main should be a clarion call for all condos. That building’s capital reserve is so low that even buyers with good credit and liquid assets can’t secure financing. There is currently a unit at 1 Main that has been in contract for two months, which hints of a deal falling apart. Also, a story that has now been confirmed by a dozen people at 1 Main, is that one resident couldn’t secure refinancing and was informed by the bank that the building was a bad credit. Yikes. That doesn’t bode well for the $25 million loft up top and explains why, of the twenty or so units that have been on sale in that building over 2009, only three have sold. It may also explain why, in that condo’s ten year history, about 80% of all the people who have served on the board have sold and fled.

    The problem that afflicts Sweeney is the imminent rise of the Dock Street project.
    Apt. 8G, a 2,500 sq ft 3BR is currently asking close to $1,100/sq. ft. But anyone who does their due diligence will see that their lovely views will soon be history. They’ll be lucky to get $800/ft. Similar lofts at 1 Main (great spaces with and without views) have been languishing now for close to a year. In addition to the building’s financial frailties, the asking prices are not in reality.

    Regardless of what anyone thinks, one thing is for certain, the days of $1,000/ft are over. The days of 10% down are over. So buildings better be financially stellar and buyers, at least for awhile, should expect to come out of pocket with a large percentage (as much as 50%) of the price. And sellers need to understand that Dumbo is not, never has been, and never will be Tribeca.

    • Dock Street will only affect a small and unimportant part of the view from 30 Main Street, 8G. I live in the building and have been in the unit many times. That apartment looks over the entire Brooklyn Bridge, the East River and the Manhattan Bridge. 80% of the view is over landmarked buildings and parkland and is protected. The real victims of the proposed Dock Street building are anyone who has a western facing unit in 70 Washington. Becuase of their angled perspective onto the Brooklyn Bridge, 80% of their view will be gone. The buyers of those units were principally concerned with the prospect of construction on the adjoining Jehovah's parking lot. They never thought Walentas was planning to build on the lots across the street and block their view.

      • Point taken. But should Dock Street rise, it will effectively be a wall to a portion of their westerly view, giving them a view similar to units in the front of 1 Main, which are currently fetching about $880/ft. And Sweeney, as a whole, is averaging $767/ft. I wish them well. All I'm suggesting is that there are other real factors that belie the asking price. And while, yes, Dock Street may not destroy their entire view, it will change the character.

  • i'd rather move to gold street and walk the two extra blocks.

  • i'd rather move to gold street and walk the two extra blocks.

  • 100 Gold st IS NOT DUMBO. It is Vinegar Hill. Just because 100 Gold looks like a facsimile of an ugly new DUMBO building, it is not in DUMBO. The residents here are very proud of our neighborhood. It has been called Vinegar Hill for over 100 years. Get your facts straight, dumbonyc. Let's recap.

    100 Gold is in Vinegar Hill
    100 Gold is in Vinegar Hill
    100 Gold is in Vinegar Hill

    The area has been called Vinegar Hill long before anyone even thought of calling the area where bodies where dumped DUMBO.

    Vinegar Hill IS NOT DUMBO.

    STAY OUT OF HERE IF YOU CAN'T ACCEPT IT.

    AngryVinegarHillResident

    • AngryVHresident, Technically 206 Front Street is also in Vinegar Hill, so the only one listed in Dumbo is 100 Jay. Personally I love VH, and it is a distinct neighborhood. I'm taking the listings from real estate broker sites, who have always lumped VH with Dumbo. But you're correct, they're very different neighborhoods.

    • Wow. sounds like somebody is getting cornholed by a brute from Farragut.
      ls

    • Geez buddy, why so mean to the Hide! He's just passing on info. If you're that pissed about your pwecious little hood being labeled DUMBO maybe you should take it up with the BROKERS who created the listings? Oh wait, could it be the brokers did this because NO ONE cares to buy something in bumf*** VH so they have to call it DUMBO to get a sale? Hmmm. Methinksso.

      • @DUMBONYC My apologies for sounding so angry, however I am tired of people confusing Vinegar Hill with DUMBO.

        I understand you were just passing info, dumbonyc, however you do your readers an injustice by passing information you know is false.

        @Dumbony,

        The brokers confuse it because people like you lead them to that. No one cares to buy anything here? Are you that stupid? Honestly ask yourself that question when you look at yourself in the mirror.

        YOU WISH you could buy one of these million dollar houses that sets Vinegar Hill apart from DUMBO. But, alas, you can't. You live in a place that was formerly known in Brooklyn as 'The place bodies get dumped'. I live in an area that has been recognized for it's history. You want to know why DUMBO still has cobblestones, it is because of the efforts of the residents in Vinegar Hill during the 1980s. But I suspect your hatred for the area lies in your inability to purchase a real home (Not a box that passes of as a condo), and the fact that you are probably a yuppie who moved to the area to look 'cool'.

        Not-so-AngryVinegarHillResident.

        • To further illustrate my point @ Dumbony

          Million Dollar values for homes in Vinegar Hill

          http://tinyurl.com/yhyqlcm

          Same website, Zillow, a REAL ESTATE website recognizes Vinegar Hill, yet calls your precious little DUMBO, Fulton Ferry….so much for Real Estate Brokers, eh? And so much for DUMBO, not even mentioned.

          http://tinyurl.com/yjbxkb6

          Not-so-AngryVinegarHillResident.

          • @DumboNYC

            Upon further research,

            100 gold st 2F- according to corcoran, they got it right, you didn't

            “Cutting edge homes designed with eco-friendly amenities await you in Vinegar Hill. “

            and as for 206 Front, Prudential lists it as 'Dumbo – Vinegar Hill” although they also got the cross streets wrong.

            IMHO, a retraction is in order, but that's just me.

        • Jesus, what a wanker! I could care less about the real estate available in this area. Inability my ass. I would NEVER buy an ancient crumbling brownstone wannabe a mere few feet from some ghetto projects OR a box in a renovated DUMBO building at ANY of these prices. Half a million and up for a friggin apt? Please. I own real property “homey”, with house, land, freedom, and privacy. Put that in your pipe and smoke it.

          • Then sir, I would say you obviously don't live in dumbo, as there are no houses, get a life and concentrate in your own area.

          • And your use of racial stereotypes shows how much a low intellect you have.

          • Again with the idiocy…ever heard of renting an apt in the city and buying a home outside of the city? Dehr! Yes, that's right…an actual HOUSE with property, what a concept eh? Racial stereotypes? What, you need to pretend you don't live near the projects to justify your VH Rules rant? Whatever. I'm hardly the only person in DUMBO OR VH who thinks the projects are rankadank buddy. But keep on pluggin your historic hood and forget about the gunfire, it's really just firecrackers!

          • You sir, are the idiot. So you have a house outside the city and an apartment within, yeah, that makes economical sense.

            VH has plenty of properties with plenty of land. I hear some of the residents actually grow things like grapes, apples and figs on their land.

            I never said the projects were nice, but the aren't problems in VH because of them. And again, to show how racist you actually are (although you probably don't want to admit it), real crime is actually occurring in DUMBO, but you assume that VH is worse, don't ya?

            http://brooklynpaper.com/stories/32/42/32_42_gk

            “Police said the first crime was on Oct. 12, when two perps toting a semi-automatic weapon mugged a man who was walking to the F-train station on York and Jay streets in DUMBO at around 2:50 pm.”

            Oh My! A two team carrying semi automatic weapons mugged someone in broad daylight in……DUMBO!

            When you use words like 'Homey' YOU ARE BEING A RACIST. And you are being prejudicial as you are assuming my race. Very Good, are you the best and brightest the yuppies of DUMBO have to offer? If so, you people really are in trouble.

            But, alas, you probably are a recent transplant with no clue of your surroundings, so I forgive you.

          • Good thing I don't care. Idiot.

          • this is embarrassing
            can both of you go find some dignity?

          • I dunno, can you STFU?

          • wow, love your choice of vocabulary. I recommend either Barney or Mister Rogers. And you obviously care enough to reply.

          • I guess you can't STFU. Whaaa whaaaa whaaaaa…..whine much lately?

          • This is what happens whenver Loose Stools makes a comment. Every discussion gets dragged down to his level.

          • mwahahaha, mwahahahamwahahaha, mwahahaha, mwahahaha, mwahahaha, mwahahah mwahahaha, mwahahaha, mwhahaha, mwahahaha, mwhahaha, mahahaha, wahahaha, mwahaha, mwahahaha, mwahahaha, mwahahaha, mwahaha, v…
            happy hallow…
            loose stool

          • No, but it does sound like you need a whaaambulance!

  • 100 Gold st IS NOT DUMBO. It is Vinegar Hill. Just because 100 Gold looks like a facsimile of an ugly new DUMBO building, it is not in DUMBO. The residents here are very proud of our neighborhood. It has been called Vinegar Hill for over 100 years. Get your facts straight, dumbonyc. Let's recap.

    100 Gold is in Vinegar Hill
    100 Gold is in Vinegar Hill
    100 Gold is in Vinegar Hill

    The area has been called Vinegar Hill long before anyone even thought of calling the area where bodies where dumped DUMBO.

    Vinegar Hill IS NOT DUMBO.

    STAY OUT OF HERE IF YOU CAN'T ACCEPT IT.

    AngryVinegarHillResident

    • AngryVHresident, Technically 206 Front Street is also in Vinegar Hill, so the only one listed in Dumbo is 100 Jay. Personally I love VH, and it is a distinct neighborhood. I'm taking the listings from real estate broker sites, who have always lumped VH with Dumbo. But you're correct, they're very different neighborhoods.

    • Wow. sounds like somebody is getting cornholed by a brute from Farragut.
      ls

    • Geez buddy, why so mean to the Hide! He's just passing on info. If you're that pissed about your pwecious little hood being labeled DUMBO maybe you should take it up with the BROKERS who created the listings? Oh wait, could it be the brokers did this because NO ONE cares to buy something in bumf*** VH so they have to call it DUMBO to get a sale? Hmmm. Methinksso.

      • @DUMBONYC My apologies for sounding so angry, however I am tired of people confusing Vinegar Hill with DUMBO.

        I understand you were just passing info, dumbonyc, however you do your readers an injustice by passing information you know is false.

        @Dumbony,

        The brokers confuse it because people like you lead them to that. No one cares to buy anything here? Are you that stupid? Honestly ask yourself that question when you look at yourself in the mirror.

        YOU WISH you could buy one of these million dollar houses that sets Vinegar Hill apart from DUMBO. But, alas, you can't. You live in a place that was formerly known in Brooklyn as 'The place bodies get dumped'. I live in an area that has been recognized for it's history. You want to know why DUMBO still has cobblestones, it is because of the efforts of the residents in Vinegar Hill during the 1980s. But I suspect your hatred for the area lies in your inability to purchase a real home (Not a box that passes of as a condo), and the fact that you are probably a yuppie who moved to the area to look 'cool'.

        Not-so-AngryVinegarHillResident.

        • To further illustrate my point @ Dumbony

          Million Dollar values for homes in Vinegar Hill

          http://tinyurl.com/yhyqlcm

          Same website, Zillow, a REAL ESTATE website recognizes Vinegar Hill, yet calls your precious little DUMBO, Fulton Ferry….so much for Real Estate Brokers, eh? And so much for DUMBO, not even mentioned.

          http://tinyurl.com/yjbxkb6

          Not-so-AngryVinegarHillResident.

          • @DumboNYC

            Upon further research,

            100 gold st 2F- according to corcoran, they got it right, you didn't

            “Cutting edge homes designed with eco-friendly amenities await you in Vinegar Hill. “

            and as for 206 Front, Prudential lists it as 'Dumbo – Vinegar Hill” although they also got the cross streets wrong.

            IMHO, a retraction is in order, but that's just me.

        • Jesus, what a wanker! I could care less about the real estate available in this area. Inability my ass. I would NEVER buy an ancient crumbling brownstone wannabe a mere few feet from some ghetto projects OR a box in a renovated DUMBO building at ANY of these prices. Half a million and up for a friggin apt? Please. I own real property “homey”, with house, land, freedom, and privacy. Put that in your pipe and smoke it.

          • Then sir, I would say you obviously don't live in dumbo, as there are no houses, get a life and concentrate in your own area.

          • And your use of racial stereotypes shows how much a low intellect you have.

          • Again with the idiocy…ever heard of renting an apt in the city and buying a home outside of the city? Dehr! Yes, that's right…an actual HOUSE with property, what a concept eh? Racial stereotypes? What, you need to pretend you don't live near the projects to justify your VH Rules rant? Whatever. I'm hardly the only person in DUMBO OR VH who thinks the projects are rankadank buddy. But keep on pluggin your historic hood and forget about the gunfire, it's really just firecrackers!

          • You sir, are the idiot. So you have a house outside the city and an apartment within, yeah, that makes economical sense.

            VH has plenty of properties with plenty of land. I hear some of the residents actually grow things like grapes, apples and figs on their land.

            I never said the projects were nice, but the aren't problems in VH because of them. And again, to show how racist you actually are (although you probably don't want to admit it), real crime is actually occurring in DUMBO, but you assume that VH is worse, don't ya?

            http://brooklynpaper.com/stories/32/42/32_42_gk

            “Police said the first crime was on Oct. 12, when two perps toting a semi-automatic weapon mugged a man who was walking to the F-train station on York and Jay streets in DUMBO at around 2:50 pm.”

            Oh My! A two team carrying semi automatic weapons mugged someone in broad daylight in……DUMBO!

            When you use words like 'Homey' YOU ARE BEING A RACIST. And you are being prejudicial as you are assuming my race. Very Good, are you the best and brightest the yuppies of DUMBO have to offer? If so, you people really are in trouble.

            But, alas, you probably are a recent transplant with no clue of your surroundings, so I forgive you.

          • Good thing I don't care. Idiot.

          • this is embarrassing
            can both of you go find some dignity?

          • I dunno, can you STFU?

          • wow, love your choice of vocabulary. I recommend either Barney or Mister Rogers. And you obviously care enough to reply.

          • I guess you can't STFU. Whaaa whaaaa whaaaaa…..whine much lately?

          • This is what happens whenver Loose Stools makes a comment. Every discussion gets dragged down to his level.

          • mwahahaha, mwahahahamwahahaha, mwahahaha, mwahahaha, mwahahaha, mwahahah mwahahaha, mwahahaha, mwhahaha, mwahahaha, mwhahaha, mahahaha, wahahaha, mwahaha, mwahahaha, mwahahaha, mwahahaha, mwahaha, v…
            happy hallow…
            loose stool

          • No, but it does sound like you need a whaaambulance!

  • No, but it does sound like you need a whaaambulance!

  • No, but it does sound like you need a whaaambulance!