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Pratt Area Community Council and Two Trees Management Co. will be holding an information session on affordable rental opportunities at the Dock Street Dumbo building that is being built on Dock and Front Streets in Dumbo/Fulton Ferry Landing Brooklyn. The info session will take place at The Actors Fund Arts Center, 160 Schermerhorn Street in Downtown Brooklyn on Wednesday, May 8, 2013 at 6:15pm.

Rents for the affordable units at Dock Street will be between approximately $500-$850 per month for studios, 1, and 2 bedrooms, depending on income, family size, and apartment size. Rental applications will not be available at the presentation (they will be available sometime in 2014). Back in 2008 plan called for 400 rental units, 80 of which will be affordable.

Seating is limited. RSVP by May 5 by email to: rsvp@prattarea.org

Facebook event info: facebook.com/events/190253431125310/

{Past Dock Street posts}

MNS, the Brooklyn real estate firm published their first quarter 2013 Brooklyn New Development Market Report (pdf). MNS’ New Development Market Report tracks the market trends with a quarter-over-quarter and year-over-year comparison throughout Brooklyn on both a citywide and neighborhood basis. New development data was compiled from the Automated City Register Information System (ACRIS) for sponsor sales that traded during the First Quarter of 2013 (01/01/13 – 03/31/13). All data summarized is on a median basis.

Included in this research are walk-up and elevator new development condominium buildings, as well as new conversion condominiums if the sales were applicable sponsor transactions. Excluded from the report are all cooperative sales.

Some highlights of the Brooklyn report include the following:

• Low inventory continues to influence the market, Brooklyn new development sales were down 98.86% from last quarter.
• Low inventory translated to higher prices per square foot; PPSF prices rose 8.0%, from $684 ppsf during the past quarter to $739 during the current quarter.

Brooklyn Neighborhood Highlights

• Brooklyn Heights has the highest inventory in Brooklyn at 38%.
• Clinton Hill had a majority of units trading over the $600K price range – considerably higher than the $505,000 median sales price during 4Q12
• Downtown Brooklyn was able to generate a median sales price increase of 21% since the previous quarter. More specifically, the BellTel Lofts at 365 Bridge Street closed the quarter with total new development sales just under $8 million, representing 8.6% of all sponsor sales throughout Brooklyn.

MNS states, “Continuing the negative trend from the previous quarter, total volume of new development sales in the Brooklyn market decreased from $146 million to $83 million. In addition, a total of 88 transactions closed during the current quarter, as compared with 175 during the previous quarter. Low inventory continues to influence the market, especially in boroughs such as Bay Ridge, Fort Greene, Gowanus and Kensington where no new development sales occurred”

According to the US Census Bureau, and as mentioned by the Bloomberg Administration, “more people are moving into NYC than are moving out for the first time since 1950”. Furthermore, “the largest percentage change occurred in Brooklyn, where the population grew by 2.4%”, representing a total of 60,900 people. In addition, the availability of low interest rates, strong rental market, and inexpensive land prices as compared to Manhattan, over 70% of all new developments in NYC are scheduled to enter the Brooklyn market.”

Dumbo continues its very low inventory (especially new development) and had 3% of total new development sales in Brooklyn in Q1 2013. However it had the highest median sales price at $1,065,000. As the larger condo units are sold later this year at 185 Plymouth and Dumbo Townhouses, the median prices and price per square feet will increase.

For the full report, go to MNS.

Looks like the diggers have dug two floors below grade so far at the Dock Street Dumbo project (aka 60 Water Street). The buildings were demolished in July to prepare for the 18 story development.

More on Dock Street.

Eight of the ten condos at 185 Plymouth Street have been sold. When the condo development website went up in August 2012, we speculated that they would go fast. By November 2012, many of the condo units were spoken for. As of last week, the two penthouse units have come on the market. PHN is currently listed at $3.4MM and PHS is currently listed at $3.95MM.

• PHN (along John Street) has 2,156 square feet interior space, and 2,049 exterior space. $3,400,000 ($1576/sf), common charges: $1577/mo, tax: $1676/mo
• PHS (along Plymouth Street) has 3,056 square feet interior space, and 1,870 exterior space. $3,950,000 ($1292/sf), common charges: $1904/mo, tax: $2024/mo

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The ten unit development project at 185 Plymouth Street (between Jay and Bridge Streets) is being developed by Alloy, the real estate development company that developed 192 Water Street in Dumbo and collaborated on the Brooklyn Bridge Park Pier 1 residential/hotel complex with Starwood Capital.

Alloy has also posted a sign up page for their Dumbo Townhouses on Pearl and Water Street. We posted about it in February 2013 and about the elephant mural that had to go. Landmark Preservation Commission approved the designs to build 5 townhouses in the 55-57 Pearl Street location. If you would like to be informed about their progress, go to dumbotownhouses.com.

The following two condos are new to the Dumbo Brooklyn market for the week of March 17-25, 2013:

• 03/19/2013: 85 Adams Street #19C (Corcoran), $999,000 ($857/sf), $987/mo cc, $30/mo tax (421a abatement expires in 2023), 1,165sf, 2 bed, 2 bath
• 03/21/2013: [UPDATE 3/28/2013: Contract signed] 1 Main Street #11D (Sotheby’s), $3,200,000 ($1290/sf), $1495/mo cc, $965/mo tax (J-51 abatement expires in 2013), 2479sf, 3 bed, 2.5 bath

85 Adams Street #19C:
This condo was previously listed for $995k in February 2012, lowered bo $949 a month later, and removed from the market in July. Great views of Manhattan from this 19th story condo. Active listings for this building average $851/sqft.

1 Main Street #11D:
According to public records, this condo unit sold in January 2007 for $2,450,000. (In 2005, sold for $1,9150,000.) This condo is a rare 3 bedroom unit (for Dumbo) with full bathrooms for two bedrooms. Direct views of the East River and Manhattan.

See all ‘new to market’ posts

The following six condos are new to the Dumbo Brooklyn market for the week of February 17-26, 2013. Four of them are 102 Gold Street condos:

• 02/23/2013: [In contract] 102 Gold St, #6F (Corcoran), $589,000 ($861/sf), $348/mo cc, $14/mo tax (15-year 421A tax abatement), 684sf, 1 bed, 1 bath
• 02/21/2013: 42 Main Street #4C (Halstead), $925,000 ($880/sf), $850/mo cc, $37/mo tax, 1050sf, 1 bed, 2 bath
• 02/20/2013: 70 Washington Street, #11V (Halstead), $1,425,000 ($974/sf), $528/mo cc, $80/mo tax (15-year 421A tax abatement), 1,463sf, 2 bed, 2 bath
• 02/19/2013: 102 Gold St, #4F (Corcoran), $485,000 ($741/sf), $333/mo cc, $13/mo tax (15-year 421A tax abatement), 654sf, 1 bed, 1 bath
• 02/19/2013: 102 Gold St, #1R (Corcoran), $895,000 ($706/sf), $645/mo cc, $26/mo tax (15-year 421A tax abatement), 1,267sf, 1 bed, 1.5 bath
• 02/23/2013: 102 Gold St, #5F (Corcoran), $495,000 ($756/sf), $334/mo cc, $13/mo tax (15-year 421A tax abatement), 654sf, 1 bed, 1 bath

102 Gold Street:

70 Washington Street, #11V:

42 Main Street, #4C:

See all ‘new to market’ posts

[UPDATE: The CAM mural was just painted over leaving the word "bright" on the wall (via twitter @jattenberg)]

(Photo courtesy of Brooklyn Paper)


No date has been set for the development of 55-57 Pearl Street, but the Craig Anthony Miller’s mural will have to go has already been painted over. Brooklyn Paper reported:

The builders at Alloy want to put up modern housing in place of a low elephant-adorned garage at Pearl and Water streets that, like much of the block, once belonged to the Industrial-era paint company J.W. Masury & Son, according to the Historic Districts Council.

Alloy, the developers unveiled its plans for the site to the Landmarks Preservation Commission last Tuesday (Brownstoner), but the LPC raised a few concerns about how the concrete would fit in with the predominantly brick structures in Dumbo. The proposal is expected to be approved, but one of the best murals in Dumbo will be is gone.

(Photo by Josh Derr)

Related:
{Facade Proposal Revealed for 55-57 Pearl St. Townhouses, 07feb2013, Brownstoner}
{New Building Proposed for Dumbo Graffiti Garage, 22Jan2013, Brownstoner}
{Housing planned for DUMBO’s elephant mural building, 11Feb2013, BK Paper}

The following four condos are new to the Dumbo Brooklyn market for the week of January 20 – 28, 2013:

• 01/23/2013: 100 Jay Street #6J (Corcoran), $475,000 ($816/sf), $350/mo cc, $10/mo tax (J-51 Abatement expires in 2023), 582sf, 1 bed, 1 bath
• 01/23/2013: 85 Adams Street #6B (Corcoran), $719,000 ($848/sf), $718/mo cc, $23/mo tax (J-51 Abatement expires in 2023), 847sf, 2 bed, 1 bath
• 01/23/2013: 100 Jay Street #28A (Sotheby’s), $2,100,000 ($1,227/sf), $1,184/mo cc, (J-51 Abatement expires in 2023), 1,711sf, 3 beds, 2.5 baths
• 01/24/2013: 79 Bridge Street #4I (Rutenberg Realty), $775,000 ($824/sf), $439/mo cc, $1/mo tax (J-51 Abatement expires in 2014), 940sf, 1 bed, 1 bath

(100 Jay Street #6J)

100 Jay Street has 6 active listings averaging $1,050 per square feet, and has 300 recorded sales at $861 per square feet. This “junior one bedroom” is one of the most affordable units in Dumbo. This will probably sell within a month, according one broker we spoke to.

(85 Adams Street #6B)

This condo has two bedrooms with 10 foot ceilings and asking $719k. It was last sold in August 2010 for $635k according to city records. Per listing: “This spacious home displays a gracious living room plus a smartly designed 2nd BR/guest room, facing south both the main living and master bedroom get a vast amount of light.”

(100 Jay Street #28A)

The best feature of this spacious condo is the view overlooking lower Manhattan and the two bridges. This is a legal 3 bedroom currently used as a 2 bedroom apartment. But that view!

(79 Bridge Street #4I)

“This loft is graced with beautiful white oak hardwood floors throughout, oversized double pane windows and original brick walls.” Condo board approval required.

See all ‘new to market’ posts

MNS, the Brooklyn real estate firm published their Year End 2012 Brooklyn Rental Market Report today (last week’s December month report was published on DumboNYC today). The report reveals that, in 2012, the rents were up 8.6% which is up 2% from the average growth rate from 2011 to 2010. From 2010, rents are up an average of 16%. Breaking the numbers down from 2011, studios are up 7% from $1,693 to $1,812, one-bedrooms are up 8.5% from $2,211 to $2,400, and two-bedrooms are up 10.3% from $2,778 to $3,065. Average price for a two bedroom broke the $3,000 threshold this year. From 2010, one-bedroom units had the highest increase at 18.9%, up $382.

Some highlights of the report include the following:

• Neighborhoods such as Williamsburg and DUMBO surpassed Manhattan rents forcing renters to move out of Brooklyn and into the city. The opening of the Barclays Center and the Atlantic Yards development have definitely assisted in bringing Brooklyn rents to all-time highs. Yearly average rents were $1,812 for studios, $2,400 for one-bedrooms, and $3,065 for two-bedrooms. Average increase from 2011 was 8.6%.
• Some areas such as Fort Freene and Greenpoint are becoming more popular as renters are finding these areas more economical to live in. From a year ago, rents in Fort Greene and Greenpoint both rose an average of 22%.
• MNS is tracking more than 1,500 units coming to market in 2013. Most of the inventory will be in Downtown Brooklyn and Williamsburg. The inventory pipeline is expected to continue to rise as we see more development and growth in Brooklyn.

According to the report, the top three areas with the highest two bedroom rents are as follows: Dumbo: $4,985, Brooklyn Heights: $4,715, and Williamsburg: $4,002. The average rental prices changes in 2012: Studios (+10.42%), One bedroom (+11.67%), Two bedroom (+5.85%):

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In Dumbo, 2012 mean rental rates for studios were $2,853, one bedrooms $3,712, and two bedrooms $4,985. The annual 2012 mean Brooklyn rental prices for studios were $1,812/mo, one bedroom ($2,400), and two bedrooms ($3,065).

Here are the Dumbo price trends of 2012 for studios, one bedrooms, and two bedrooms:

The Brooklyn Rental Market ReportTM is based on a cross-section of data from available listings and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. The data is aggregated from the MNS proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).

The Brooklyn Rental Market Report ™ is published by MNS. The full Brooklyn Rental Market Report ™ by neighborhood (PDF(1.5MB)).

MNS, the Brooklyn real estate firm published their December 2012 Brooklyn Rental Market Report last week. The report reveals that, with inventory continuing to shrink, rental rates have not eased off in typical winter fashion. In a year-over-year analysis, studios and one-bedrooms in both boroughs saw the greatest increase in rental prices, although Brooklyn rates overall increased by a greater percentage than those in Manhattan.

Some highlights of the report include the following:

• Month to Month Trends: While rental rates typically dip during this time of year, average prices rose an average of 1.82% from November. Studios saw the largest increase this month, up 3.13%. One-bedrooms followed with a 1.34% increase, while two-bedroom rental rates increased 0.98%.
• Booming Borough: Since December 2011, rental rates increased 15.8% for studios, 10.7% for one-bedrooms, and 10.2% for two-bedrooms. Comparatively, rates in Manhattan increased 4.7% for studios, 4.7% for one-bedrooms, and 5.1% for two-bedrooms.
• Unstable Studios: Extremely low studio inventory has caused rental rates for these units to fluctuate a great deal by neighborhood over the past year, as demonstrated by a 22.9% price increase in Bed-Stuy since November. However, these shifting numbers have not affected the stability of overall rates and are not expected to in 2013.

According to the report, the most expensive average rents for one and two bedrooms were in Dumbo, and Williamsburg has the most expensive studio apartments:

In Dumbo, studios were $2,625 (vs $2,650 in November 2012), one bedrooms $4,238 (vs $4,141 November 2012), and two bedrooms $5,100 (vs $4,980 November 2012). The December 2012 mean Brooklyn rental prices for studios ($1,976/mo), one bedroom ($2,556), and two bedrooms ($3,256).

Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:

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The Brooklyn Rental Market ReportTM is based on a cross-section of data from available listings and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).

The Brooklyn Rental Market Report ™ is published by MNS. The full Brooklyn Rental Market Report ™ by neighborhood (PDF(1.8MB)).

Previously:
{November 2012 Brooklyn Rental Market Report}
{October 2012 Brooklyn Rental Market Report}
{September 2012 Brooklyn Rental Market Report}
{June 2012 Brooklyn Rental Market Report}
{May 2012 Brooklyn Rental Market Report}
{April 2012 Brooklyn Rental Market Report}