Dumbo Retail Report (Dec 2011)

Forager's Market

We received the below update from Chris Havens, Chief Executive at Creative Real Estate Group, a local commercial real estate business on the Dumbo Retail Report for December 2011:

“Snap shot of vacancy rate, asking prices and estimated rents for the area bounded by Old Fulton Street, York Street, Hudson Avenue and the East River – known as Fulton Ferry, Dumbo and Vinegar Hill.”


One hundred and twenty-nine storefronts currently utilized as retail, restaurant, office and studio space comprise the area market, totaling 309,000 SF.

Four distinct mini sub-markets outline what is now called DUMBO: Fulton Ferry Landing/Old Fulton Street; Between the Bridges/Central DUMBO; DUMBO east of the Manhattan Bridge (John to York, Jay to Pearl); Vinegar Hill (east of Jay to Hudson Avenue/Navy Yard overlook).

Spaces range from 50SF to 6000SF, which most availability above 3000SF. Demand for stores under 1000 sf exceeds supply by a wide margin. Yet larger sizes languish. Bars, food tenants, restaurants home goods and apparel comprise much of the demand. DUMBO nightlife is growing, with the addition of Rebar, the expansion of 68 Jay bar and increased tourist traffic. However, the area doesn’t yet compare to Smith Street or 5th Avenue in Brooklyn.

Vacancy Rate

The area-wide vacancy rate is 10.2%.

Ten storefronts and retail sites are currently offered, with seven sized 3000SF and above. All but one of these large spaces are on Fulton Street or in Vinegar Hill, not the center of DUMBO. The one large space Between the Bridges, 6600SF at 81 Front, is now Leases Out after receiving multiple offers this fall. There are no spaces at 2500SF and four below that size.

Asking Rents/Taking Rents

Asking rents range from $40 to $75 per foot, based on size and location. The high end of the range are spaces under 1000 SF.

Recent taking rents include last year’s relocation of P.S. Books from 147 Front Street to 2138SF at 76 Front for $37 a foot and One Girl Cookies taking 1457SF at One Main for $42 a foot in October.

Spaces that may become available in 2012 under 2000SF on prime streets, which are Front, Washington and Jay, would be worth a minimum of $60 a foot.

The Brooklyn retail market has accelerated this year, trending upward in both price and velocity.

{Dumbo Commercial Real Estate Update (Nov 2011)}

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