Dumbo NYC

Now officially known as the DUMBO Historic District, the neighborhood was voted by the Landmarks Preservation Commission yesterday. Simeon Bankoff, the Executive Director of The Historic Districts Council, the city wide advocate for New York’s historic districts sent us the below photos during the designation meeting yesterday:

The Landmarks Preservation Commission has granted landmark status to the Dumbo Historic District.

The Commission voted unanimously 8-0 this afternoon to protect the blocks and 91 historic buildings in Dumbo. The new historic district is bound by John Street to the north, York Street to the south, Main Street to the west and Bridge Street to the east. According to the LPC, the Dumbo area was “essential to Brooklyn’s rise as a major American industrial center and was the home of some of the most important industrial firms in the late nineteenth and early twentieth century America including Arbuckle Brothers (coffee and sugar), J. W. Masury & Son (paint), Robert Gair (paper boxes), E. W. Bliss (machinery), and Brillo (steel wool). The buildings in the district reflect the extraordinary diversity of Brooklyn’s industrial development, with manufactured and processed goods including coffee, tea, sugar, machinery, paint, varnish, paper boxes, shoes, soap, ale, and steel wool. By the early twentieth century, Brooklyn was the fourth largest manufacturing center in the entire country and a significant portion of this manufacturing was done in DUMBO.”

The Dumbo Historic District also protects its dramatic streetscapes. The Brooklyn Bridge and Manhattan Bridge soar over the Belgian Block streets, some with remnants of the old Jay Street Connecting Railroad along Plymouth Street, to connect the former warehouses. In 1959, the Jay Street Connecting Railroad ceased to operate. Commission Chairman Robert B. Tierney states:

“DUMBO’s distinctively designed buildings and sublime vistas survive to this day, and still define its character, even as it has evolved into a largely residential neighborhood. This designation will ensure that this still-evolving neighborhood retains its unique historic character.”

Now the City Council needs to sign off on the designation. City Councilman David Yassky has publicly supported Dumbo landmarking and testified at the LDC that Dumbo is worthy of preservation.

LPC Press Release: Landmarks Preservation Commission Designates Dumbo As New York City’s 90th Historic District (pdf)

Previously:
{Dumbo Historic District Landmark Moving Forward, 31Oct07}
{LPC Public Hearing for Dumbo Historic District Tomorrow, 29Oct07}
{Dumbo Landmarking Calendared for 30Oct2007, 01Oct07}
{LPC Voted 8-0 to Consider Dumbo a Historic District, 26July07}
{Dumbo Historic District to Be Calendared Today, 24July07}
{NY Times Highlights Dumbo Neighborhood Association, 4June2007 }
{Any Feedback from the LPC Meeting?, 19April2007}
{Dumbo Landmarking Meeting on Thursday at 10am, 17April2007}

In the past, we have seen other loft listings at 31 Washington Street. The above photos show a new listing for Apartment #3 from Corcoran. This loft at 31 Washington Street is 1718 square feet with 2 bedrooms and 1.5 baths and asking $1,375,000 ($800/sqft). There was a similar loft, but a bit larger and an extra half bathroom at 1753 sqft on the market in late May for $1.399mil, so this listing is comparable. The monthly maintenance is low at $296 and taxes are $24 per month.

Looks like there’s an open house this Sunday. Has anyone seen this unit? The price seems fair to me given the other condo prices in the area. What do you think?

{Corcoran Listing for 31 Wash, Apt 3}

According to the Massy Knakal website, the previously mentioned townhomes on Old Fulton Street (near Grimaldi’s Pizza) is under contract. The buildings have been on the market for almost a year and was listed for $7.5million and reduced to $7.0million. According to a previous comment, the buildings have some structural issues and would have to be fixed to prepare for re-development.

The plans call for a residential rental project with the addition of one floor. A source, who wished to remain anonymous, familiar with the deal stated to DumboNYC that there will be a mix of 1 and 2 BR apartments with high end finishes. The construction will most likely begin in approximately 6 months, and plans are being finalized. The townhomes were sold to a “very experienced developer”.

Previously: {Three Vacant Buildings on Old Fulton Street, 18Jan07}
{Massey Knakal Realty}

Now that the Two Trees Management building in downtown Brooklyn at 110 Livingston Street has been developed and occupied, 110livingston.net has reported a unit for resale. The resale of Apt #11D, is a 1,232 square foot, 2 bedroom, 2 bath condo for $950,000 ($771/sqft). Maintenance is $636 per month and taxes are $514 per month.

Coincidentally, the excellent real estate video website, intothebox.tv featured 110 Livingston (and an unhappy buyer) in today’s edition. Here’s the video:

We posted this townhouse listing on Plymouth Street in Vinegar Hill back in July. It still on the market, but the list price has been reduced from $1,495,000 to $995,000, a half million dollar reduction. Sounds like there were no takers at the original listing price.

A reader went to check out the property and had this to say:

“just a wee bit of a price cut - half a mill worth down to $995k. i checked the place out today and it is a definite knockdown. and the location is absolutely dreadful. don’t get me wrong - i love, i mean love, vinegar hill, but this location is horrible - directly across the street from the water treatment plant, which stinks, the conEd plant is just down the block, and the PJs are around the corner.”

I agree, the location is not great, but quiet. What do you think? Is there potential for an investor who is willing to take a risk to tear down and build a home there (R6-B Zoning)?

{On the Market: 328 Plymouth Street, Vinegar Hill, 25July07}
{NY Times Listing}

 AMNY cover, 31Oct07, showing Dumbo’s Pearl Street Triangle

Today’s AM New York reports that landmarking of buildings and districts are booming. “In fiscal year 2005, only 46 buildings were landmarked. In fiscal year 2007, 1,158 buildings received protection, the highest number since 1990. The commission has also been aggressively landmarking in other boroughs, such as Queens and Staten Island.” As reported earlier today, the Dumbo Historic District looks to be moving quickly and may be designated as early as the end of this year.

Dumbo has been on a media blitz lately with the Landmark hearing that occurred yesterday. The NY Times’ Cityroom Blog has a feature on Dumbo as well as a nice slideshow showing some historic buildings in Dumbo with historical descriptions. Click on the photo below to go to their slideshow:

{Landmarking booms as developers loom, 31Oct07, AMNY}
{Slide Show: Historic Streets of Dumbo, 31Oct07, NY Times}
{A Hearing on Dumbo, and Several Landmark Votes, 29Oct07, NY Times}

A few of the approx. 70 buildings in proposed Historic District (Photos: DumboNYC.com)

Simeon Bankoff of the Historic Districts Council reported that the public hearing at the Landmarks Preservation Commission yesterday went “astonishingly well” where over 30 people spoke in favor of landmarking Dumbo as a Historic District, including Jed Walentas, owner and real estate developer of Two Trees Management. Mr. Bankoff writes in the HDC blog:

“…Two representatives of a property owner of seven buildings requested that his buildings be designated as “no style” or “non-contributing” in the designation report that they could be redeveloped appropriately. HDC spoke after them and requested that if LPC was going to do that, they should be serious about their role in design review and also designate the parking lots and vacant lots next to the district to help guide appropriate development there. LPC is is keeping the record open for a week, but it feels like the designation is definitely fast-tracked.”

Although Mr. Walentas supports landmark designation, according to an article by Brooklyn Daily Eagle, other real estate developers concede that landmarking is ‘inevitable’ but also want upzoning to allow for highrise development outside of the Historic District boundary.

We asked Mr. Bankoff what he thinks his expected timeframe for a vote. “Usually it takes months and months…but I have a strong feeling that this will happen by the end of the year - then we’ll have City Planning and City Council so if LPC acts by Dec 31 (which I really think it will), it will be completed by March 2008.” Looks like a Dumbo is on the fast track to becoming a Historic District.

{Report from the LPC DUMBO hearing, 30Oct07, Historic Districts Council Newsstand}
{DUMBO Developers Say Landmarking Is ‘Inevitable,’ But Also Want Upzoning, 30Oct07, Brooklyn Daily Eagle}

 Proposed DUMBO Historic District map (PDF)

The Landmarks Preservation Commission (LPC) will hold a public on the proposed DUMBO Historic District tomorrow at 9am. Although Dumbo has been calendared, the hearing will assess public support for and against landmarking and hear opinions from anyone interested in testifying. DNA has been fighting for preservation of Dumbo’s historical industrial buildings while opponents, mostly builders and real estate developers who would rather not go through a process to change/modify/demolish their buildings will be there to testify against landmarking. This is the most significant event for Dumbo this year. If possible, please attend the meeting so the LPC can hear your opinions.

The details of the process is on the Dumbo Neighborhood Association website. Also, from our friends at DNA:

On Tuesday, October 30, 2007 At 9:00 a.m.
The Landmarks Preservation Commission (LPC)
1 Centre Street, 9th Floor, NYC, Manhattan
Will Hold A Public Hearing To Assess Public Support

Save The Date!
Be There!* (be Sure To Bring 2 Forms Of Photo Id)
Mail A Card In Support!

It Is Vitally Important That People Show Up In Droves to Demonstrate Strong Support For Landmarking Our Beloved Neighborhood.

Attend if you possibly can. Just because the Landmarks Commission is holding a hearing doesn’t mean this designation will happen. Public support is imperative if we want to save DUMBO’s historic character. It’s like voting: if you don’t show up, you give up your right to be heard.

These hearings typically last an hour and a half. You can leave earlier if you must.

The opposition will be there … as is their right. At the hearing last spring the major builder/developers, their architects and their p.r. flacks were there in strength, with all the graphic support money can buy.

…and they have not been sleeping. Local developers have been working hard to prevent designation because setting some responsible guidelines might limit their maximum profit. Developers have already been running an anti-landmarking PR campaign and will send their employees to testify.

Don’t buy their argument. Landmarking will not halt the growth of this neighborhood’s residential population, or the services that will continue to come in and serve our growing population. Landmarking will help to preserve the unique architectural character of our neighborhood, and the special mix of artistic, creative and commercial services co-existing with residents—the combination of factors that helps make DUMBO the great community it is now.

We will have widespread support…. Our longtime supporter and advocate Council member David Yassky, who worked hard to get us calendared, and our friends in Brooklyn Heights, Vinegar Hill and Old Fulton Ferry will probably be there to help, as they were last time. But ultimately it’s our community. Help preserve it.

Would you be willing to testify?

Anyone can testify by signing up to read and submit a statement, three minutes maximum. If you can write your own, great. If you would prefer to read a statement prepared by us, please contact (name, phone, email) as soon as possible.

Where: New York Municipal Building at 1 Centre St. (one block north of City Hall, corner of Centre and Chambers Streets) North wing, 9th Floor.
Bring: two forms of photo ID.
Directions: By subway: A or C to Manhattan, one stop; change to 4 or 5; one stop to Brooklyn Bridge/City Hall.
Walk: Brooklyn Bridge walkway, turn right one block.

Previously:
{LPC Voted 8-0 to Consider Dumbo a Historic District, 26July07}
{NY Times Highlights Dumbo Neighborhood Association, 4June07}
{Dumbo Landmarking Meeting on Thursday at 10am, 17April07}
{DNA Urge Residents and Businesses to Save Dumbo, 2Feb07}

Today we look at a comparison of three condos in Dumbo on the market for $1,750,000 (as of 21Oct2007). On a side note, a quick search on the NY Times Real Estate listings for $1.75million in Manhattan shows that two bedrooms prices in Dumbo are on par with Manhattan two bedroom prices. Of course there are many types of neighborhoods to choose from in Manhattan, but Dumbo is now one of the Brooklyn neighborhoods with apartment prices equal to pricing in Manhattan (and in some cases more). Crazy, huh?

1) 42 Main Street 8D

The above video, featured on openhousenyc.tv, is of 42 Main Street, #8D. This duplex condo is 1500 sq.ft. and is listed for $1,750,000 ($1167/sq.ft). The 2 bedrooms/2.5 bathroom apartment has a 420 sq.ft. private terrace. Common Charges are $1133 per month and RE Taxes are $21 per month. The terrace is a nice extension of the apartment for outdoor dining and entertaining.

twotreesre.com listing

2) 70 Washington Street: 2 bedroom, 2 bath, 1551 sq.ft. ($1128/sq.ft.)
“L-line” with 11-12 foot ceilings and views of the Brooklyn Bridge and downtown Manhattan. Large, open kitchen with top of the line appliances.

sothebyshomes.com listing

3) 100 Jay Street: 2 bedroom, 2.5 bath, 1711 sq.ft. ($1023/sq.ft.)
“A-line” with panoramic views of the Statue of Liberty to the Empire State Building. Common Charges are $1127 per month and RE Taxes are $36 per month.

sothebyshomes.com listing