If you’re in the market for a penthouse apartment in Dumbo but don’t want to spend $23 million, here’s a new listing at 30 Main Street offered by Sotheby’s. This 3 bedroom, 2.5 bathroom condo has great views of lower Manhattan and a spiral staircase that leads to a private terrace. The photos for this apartment are stunning, and looks like it’s in great shape. The interior square footage is 2,209 and 1,128 square feet of exterior space. Monthly real estate tax is $201 and common charges of $2,035 per month. Their offering this for $3,100,000 ($1,403 per sq ft), which is more expensive per square feet than recent sales in the building (approx $1,000 per square feet based Streeteasy data), but does not take into account the large exterior space – and that view. What do you think?

Sotheby’s listing for 30 Main St, PHF

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Here’s an oldie but goodie from Octupus Pie. Octopus Pie is an ongoing comic series about two women living in Brooklyn, NY – their jobs, social circles, and some problems. In this episode, the dialogue is about the Empire Stores and how Dumbo was named.

“You know why this neighborhood’s called Dumbo, right?”
“It’s an acronym, let’s see…District of Urbania’s Most Blatantly Overpriced, right?”
“Har har.”
“It was cheap in the 1970s. The artists who moved into these run-down factories named it.”
“They thought an ugly name would deter contractors from moving in.”
“Oh please, leave it to bohos to sanitize a scaary place and get mad when the yuppies arrive.”
“They meant well. I can’t blame them, really.”
“After all, Dumbo was always beautiful. It just took a bit of marketing for people to notice.”

And notice they did.

SoHo and Tribeca are the two most expensive neighborhoods in NYC (exceeding $2 million in median home prices for Q2 2011). But Dumbo is the forth most expensive neighborhood in NYC, according to a Property Shark analysis released today. Previous real estate reports already showed that Dumbo is the most expensive Brooklyn neighborhood. Property Shark says, “Surprisingly, Dumbo surpassed many high-end Manhattan neighborhoods and is in forth place with a median sale price of $1,075,000, 9% up from the median sale price recorded in Q2 2010, which was $990.000.” One realtor told us that “despite the overall market, it makes sense that Dumbo is so pricey due to the low inventory and higher demand. More families and finance industry professionals want to move to Brooklyn and Dumbo is a good option in terms of convenience and community.”

We’ve seen new developments in Dumbo such as 205 Water Street and 192 Water Street get strong attention from prospective buyers, but the Property Shark report also mirrors the tight rental market in Dumbo. As some real estate firms confirmed earlier this year, the Dumbo rental market remains strong in 2011. People who were priced out of Dumbo were looking at less expensive Manhattan neighborhoods such as Midtown and Lower East Side as early as 2008. The only other Brooklyn neighborhood in the top 10 for sales is Boerum Hill at number 10, with a medium sales price of $801.000.

(Q2 2011, Most Expensive Neighborhoods chart, Propertyshark.com)

Related:
{Find Rentals in Dumbo with Naked Apartments, 20Jul2011}
{1 Main Street Penthouse Back on the Market for $23.5M, 15Apr2011}
{Dumbo 1-2 Bedroom Rentals Most Expensive in Brooklyn, 23Mar2011}
{Rental Market in Dumbo To Stay Strong in 2011, Say Realtors, 13Jan2011}
{Early Census Bureau for Dumbo Isn’t Much of a Surprise, 22Dec2010}
{Priced Out of Dumbo? Try Manhattan., 26Nov2008}
{Dumbo is Brooklyn’s Priciest Neighborhood, 02Oct2008}

It’s premature to say that a decision has been made to repurpose the ConEd plant along John Street in Dumbo and Vinegar Hill as part of Brooklyn Bridge Park, but an article in the Brooklyn Eagle says that it’s not out of the question. After all, the original plans for Brooklyn Bridge Park was originally planned to stretch only betwee Piers 1 and 5. Pier 6 was added later because the Port Authority owned it. The plans for the park end at Jay Street and John Street. Related to the land near the ConEd plant, last week, politicians decided not to veto a residential building at the John Street plot, but reduced the proposed 17 story building to a 12 stories. DUMBO Neighborhood Alliance’s Doreen Gallo argued the following point in her editorial piece in the Brooklyn Paper.:

“The John Street site should remain public — a great open space to see the Manhattan and Brooklyn bridges together on the waterfront. With the power plant closing this year, we should be looking at this site in its entirety up to the Brooklyn Navy Yard and not be thinking about the immediate real estate greed of the present administration.

Any building on the John Street site will eliminate this parcel and future Con Edison waterfront parcels to be considered part of the park and wall off the entrance of the surrounding communities of Vinegar Hill, Farragut and Bridge Plaza.”

A building on John Street could potentially close off the East-West access from Pearl Street towards Gold Street on the waterfront. The Brooklyn Eagle mentions that the ConEd plant in Vinegar Hill will be torn down, which Brownstoner mentioned last year, but for the land to become part of the Brooklyn Bridge Park, several pieces would need to come together for it to happen (environmental surveys, finances, clean up, etc). If the land were repurposed, it would be a nice way to connect the waterfront from the Navy Yards to Pier 6.

(192 Water Street)

(205 Water Street)

In addition to the 220 Water Street rental building being rehabbed for occupancy in January 2012, the other buildings on Water Street are being developed quickly. The 192 Water Street windows have been installed and the interiors are being prepped for occupancy in Spring 2012. We’ve heard that 8 of the 11 units in the building have already been sold.

The 205 Water Street building is being topped off in the next week. The windows have been installed and look pretty nice.

[UPDATE: Our apologies, the "topping-off party" is a private event for media-only.] However, a Toll Brothers rep sent us some additional information on the building’s amenities below.]

A Toll Brothers representative provided some additional details on the 205 Water St amenities:

205 Water was designed with a holistic approach that embraces the industrial past of the DUMBO historic landmark district while preserving the environment for the benefit of its inhabitants and the New York region as a whole. Projected to achieve LEED Gold Certification, 205 Water is the most ecologically responsible building ever developed by Toll Brothers, America’s Luxury Home Builder.

The lobby, staffed by a 24-hour concierge, features reclaimed Coney Island Boardwalk accent walls, double height architectural concrete walls and concrete floors with recycled steel plate in-lays.

The Reflecting Garden adjoins the Resident’s Lounge, which features a bar and a media room. The garden is comprised of indigenous landscaping requiring zero irrigation, reclaimed Coney Island Boardwalk decking and concrete planters.
We are anticipating opening for sales in September.

(Reflecting Garden at 205 Water Street)

(Lobby at 205 Water Street)

Very cool.

Previously:
{205 Water Street On Schedule for mid-2012, 08Jul2011}
{Neighborhood Sales Launch at 192 Water Street, 07Jun2011}

220 Water Street building (aka 201 Front Street, 54 Bridge Street on NYC DOB) has just released a website, 220Water.com. The site states that the building will be open for residents in January 2012 and is a rental building of studio, one and two bedroom loft apartments.

GDC Properties, LLC is the project’s owner and developer. 220 Water Street is located between Front, Bridge and Water Streets in Dumbo (within the historic district). The 220water.com website is currently a registration page but according to GDC, they “will soon outline the project’s floorplans, pricing and availability, apartment features and property amenities” through the website. According to the developer, “some of the many amenities that complement the loft residences include a soaring, sky-lit lobby, fitness center and yoga room, self-park garage, rooftop lounge with outdoor kitchen, and cold storage for grocery deliveries.”

Below are a few photos we took this morning:

(Corner of Front and Bridge Street)

(Corner of Bridge and Water Street)

The registration page has some more details about the building features:

Coming in early 2012…..a genuine DUMBO rental experience. 220 Water Street is a unique collection of spacious studio, one and two bedroom apartment homes highlighted by large windows, tall ceilings, premium finishes, and beautifully accented industrial features. A glass canopied central atrium, roof deck with summer kitchen and lounge seating, on-site parking garage and fitness studio are just some of the amenities you will find in this creatively restored 19th century manufacturing building. Register now for more information on 220 Water Street. We will keep you updated on our progress and availability.

There’s also a sign on the outside of the building for ground level lease for a cafe, restaurant, or retail for 4000 square feet, available in the fall 2011 (call 877-733-3215). The 1905 built building retains its original exterior brick design (per the historic designation description). We think the 41 or so units will rent well given the design; though no word yet on prices. What do you think?

(Photo courtesy of The Real Deal)

Previously:
{201 Front Street Gets New Scaffolding, 04Oct2010}
{201 Front Street Building Activity, 15Jul2009}

The retail storefront at 59 Front Street (in the 57 Front Street building) has been vacant for over 3 months since the check cashing location closed in April 2011. The new sign in the window says it is 1,243 square feet for $45 per square feet. Not sure if this space allows for a food option, but that’s one idea that we could use in Dumbo. What would you like to see there?

Previously:
{Check Cashing at 57 Front St Closed, 20Apr2011}

Naked Apartments simplifies the NYC apartment rental hunt with broker reviews, anonymous messaging, no duplicate listings, and reverse search — where brokers and landlords send renters suggested listings. The site has over 15,000 apartments, of which several thousand are no-fee only. The site is completely free for renters. They have a quality blog as well with infographics and issues related to rentals.

Their latest post includes rental prices for NYC based on data they collected and from Trulia. Not surprisingly, the Dumbo neighborhood is the highest average rental cost at $3,620 per month in Brooklyn. The #1 in Manhattan is Tribeca at $4,947, #1 in Bronx is Riverdale at $1,190, and #1 in Queens is Hunter’s Point at $3,046. Dumbo also is #8 priciest neighborhood for 1 bedroom apartments in NYC ($3,280 per month).

Naked Apartments was launched almost two years ago and growing, as more renters discover that they offer a unique platform to find their next apartment. We asked the founder and the CEO how Naked Apartments competes against the larger rental sites. “Naked Apartments competes against these large players by providing a better site for New Yorkers looking for their next apartment. We certainly can’t outspend the major sites, and we certainly can’t compete with their brand-recognition, but we can compete by putting out a better site with features that solve the frustrations that NYC renters face,” says CEO Joe Charat. “We enable renters to search by several features that aren’t available on many of the leading sites. Those include move-in-date, doormen, free-months-rent, no-fee, balcony, elevator, laundry, etc.”

Compare DUMBO Apartments for Rent at Naked Apartments:
nakedapartments.com/nyc/dumbo-apartments

We received in our inbox a new rendering for 205 Water Street (as Curbed also reported yesterday) from Toll Brothers, the development company, who says, “construction of the building is progressing rapidly with the first move-ins on schedule for mid-2012.” The sales office is anticipated to open in a few months. The 67 unit condo development will start in the upper $300,000s. What do you think of the design?

Previously:
{205 Water Street Condo Begins Advertising, 19May2011}
{205 Water Street Construction Progress, 25Mar2011}
{Construction Start at 205 Water St, 17Dec2010}
{Toll Brothers to set up Sales Office in Dumbo, 28Jul2010}
{Proposed 205 Water St Building Approved, 21Apr2010}
{More 205 Water St Renderings, 05Apr2010}
{205 Water Street Plans Revealed, 18Mar2010}
{Toll Brothers to Build Condos at 205 Water St, 07Jan2010}
{Demolition at 205 Water Street, 24Jan2007}
{In the Press: Demolishing 205 Water Street, 27Jan2007}
{Stop Work Order Violation Issued at 205 Water Street, 14Feb2007}

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The creators of 192 Water Street are welcoming the neighborhood to preview the loft spaces and enjoy some light fare on Thursday 6/9 at the building. Dumbo-based developer Alloy Development with partner Hamlin Ventures wanted to offer local residents the opportunity to check out the space before launching publically. Check
192water.com for more information.

The event will take place between 5:30 and 9:30 on Thursday 6/9. RSVPs should be directed to Dana Frankel, dfrankel@192water.com.

Previously:
{New Owner of 192 Water Street Begins Redevelopment, 03May2011}