The New York Daily News published a 3 page spread on Dumbo today, saying that the neighborhood “could wind up being the most successfully executed New York City real estate vision of the first half of the 21st century.” Some selected passages from the article:
Dumbo after dark was such a wasteland that the mob dumped bodies there. One resident remembers his wife spotting a decapitated head. Just have Sept. 11, 2001, I saw groups of homeless people surround trash cans to stay warm.
Today, the area, officially called Down Under the Manhattan Bridge Overpass, is an affluent and safe enclave with a small-town feel. Renovated lofts will warehouse buildings that were once the home of the largest cardboard manufacturing company in the United States.
[Two Trees Developer Jed Walentas:] “The long-term vision was to create a neighborhood. Two overriding concerns shaped that idea: One, we wanted it to be a quality place, to do it right, with well-built converted lofts. The other was to keep the artistic character that was already there, and do things to complement and embrace that culture. Pulling interesting retail added value to the neighborhood. We were never building a shopping center.”
As much as any other New York City neighborhood, the future of Dumbo seems clear. It will remain safe, affluent, pricey, astoundingly beautiful, artsy and attractive to upscale buyers and young families.
While some fear the next wave could push the artisan crowd out and that escalating prices will thwart diversity, Two Trees and other building owners are committed to keeping Dumbo at the forefront of creative New York.