Dumbo NYC

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

This top floor penthouse unit (PH2 A) at the Beacon Tower (85 Adams Street) was just listed yesterday by Corcoran. This is the largest apartment in the Dumbo building offered at 1,785 sq.ft., 3 bedrooms, 2 bathrooms, and 360 degree views with a 550 sq.ft. terrace. This 23rd floor condo must have dramatic views of the Manhattan skyline, the harbor, and the Statue of Liberty. Maintenance is $1,356/mo with $54/mo real estate tax.

These views come at a hefty price: $3,390,000 ($1,899/sq.ft.). Compare that with this Richard Meier On Prospect Park listing at $3,400,000 for 3 bedroom, 2.5 bath, 2,125 sq.ft. condo, or this fully renovated 25 ft. wide, 4 floor Kane Street townhouse in Cobble Hill for $3,400,000. Of course all of these are very different, but for $3.4million, which would you choose: the views in Beacon Tower, a Cobble Hill townhouse, or a Richard Meier glass condo? Choices, choices.

{Corcoran Listing}
{85adams.com}

One of my favorite NYC real estate sites, UrbanDigs profiled Dumbo in 2005, when Dumbo was considered an “up-n-coming neighborhood”. He quotes a friend who said that Dumbo is like SoHo/Tribeca with “no retail stores, and a great waterfront view”. He mentions several restaurants in the area:

In the restaurant category I give Dumbo props. You got some great little places there including MISO at 38 Main Street, RICE at 81 Washington Street, SUPERFINE at 126 Front Street, WATER ST RESTAURANT at where else but 66 Water Street, the nearby and alwasy wonderful RIVER CAFE at 1 Water Street, the famous BUBBY’S at 1 Main Street, and FIVE FRONT at 5 Front Street.

Would the ‘Real Patsy’s Please Stand Up’ restaurant, otherwise known as GRIMALDI’S PIZZERIA is a no-brainer over on 19 Old Fulton Street. Finally, for you chocolate lovers, I give you JACQUES TORRES CHOCOLATES on 66 Water Street, between Main & Dock Streets. Just go there and you’ll see!

At the time, the lack of services were considered drawbacks of living in the area:

Now for the darker side of DUMBO. There aren’t many CLEANERS, DAY SPA’S (for the ladies), DOG WALKERS, or CHILD DAY CARE CENTERS. There’s probably a few different food styles that you have gotten used to here in Manhattan, that you won’t find in Dumbo. Its tough, I know. But this should gradually change. With buildings going up everywhere, the closest to completion being 70 Washington Street, this is sure to change. When the people arrive, so will the businesses. So have the vision, and buy for the 4-6 year range and you should do just fine in Dumbo, Brooklyn!

Fast forward to 2007. There are now two dry cleaners on Front Street (Bridgestone Cleaners (bridgestonecleaners.com) at 109 Front Street and Golden Bridge Cleaners at 149 Front Street), two dog/pet day care centers (Cheeky Dog and Dumbo Pet Care), a spa, and a Dumbo Business Improvement District organization. There are still no child care centers, but new retail locations and services (such as Chase Bank and Sovereign Bank) have opened up. Dumbo gentrification has made its mark, and the change is one constant here.

{So What’s The Deal With Dumbo, Brooklyn Anyway…, 13Aug2005, UrbanDigs.com}

Two new condos new to the market in Vinegar Hill and Fulton Ferry, Brooklyn:

79 Bridge Street One Bedroom Condo (Apt 3F)
This condo at 79 Bridge Street has one bedroom, one bathroom totaling 796sq.ft. ($879/sqft). The Bridges, is located in Vinegar Hill. The floorplan shows that it is a studio layout, but apparently, it can be converted to a one bedroom. Other stats:

• Price: $700,000
• 11 foot ceilings, 7″ x 4″ balcony
• maint: $321/mo
• Taxes: $1/mo
• Corcoran Listing (posted on 04Oct07)

One bedroom, two bathroom co-op at 28 Old Fulton Street (Eagle Warehouse)
A triplex townhouse co-op at the historic Eagle Warehouse at 28 Old Fulton Street for $1,250,000 ($595/sqft). It has a separate entrance in the small lane. Other stats:

• Sq. Ft.: 2100
• maint: $1556/mo
• The Eagle Warehouse was built in 1893 and converted to co-ops in 1980. Separate entrances are on Doughty Street.
• Corcoran Listing (posted on 04Oct07)

When we last looked at this trio of townhouses when they came on the market back in January, they were priced at $7.5 million. They were reduced to $7 million, and according to the Massey Knakal website, they are now under contract.

Most would agree that this is a great location just on the border of Dumbo and Brooklyn Heights, with views of Manhattan, but commenter Ilene said:

“I inquired about one of those buildings a few years ago and was told there are severe structural issues with them, and the land they sit on. Something about the water table I think. Walentas would have long ago snapped them up if they could be salvaged or torn down for a reasonable fee. Too bad, I think that Old Fulton could really become a great gateway for the neighborhood and coming park if those eyesores would go away.”

I haven’t been able to vet the statement about the structural issues, but it would be a great location for street level retail or cafe that will get foot traffic from Grimaldi’s, Pete’s and Brooklyn Ice Cream Factory, and Fulton Ferry Landing visitors. What would you like to see built on the ground level?

{masseyknakal.com}
{Three Vacant Buildings on Old Fulton Street, 18Jan2007}
{NY Times Updates Us On Old Fulton St Plans, 20May2007}

(Photo from savethebrooklynbridge.org)

In late August, The Brooklyn Paper and NY Post published stories about neighborhood groups joining together to fight against Two Trees Management building proposal on Dock Street in Dumbo. The joint statement was not published in either article. But the Dumbo Neighborhood Association just posted the statement on their website (click on more below to view the whole statement). The Brooklyn Heights Association, Dumbo Neighborhood Association, and Fulton Ferry Landing Association have joined together to oppose the project citing negative impact on the surrounding historic neighborhoods, being out of scale with adjacent structures, and failure to recognize its unique and significantly historic urban context. They have joined Council member David Yassky who also does not think the building is appropriate so close to the Brooklyn Bridge.

Read the rest of this entry »

Here’s a Century 21 listing that caught my eye, only because full floor loft space available for sale isn’t very common in Dumbo these days. This particular loft at 31 Washington Street is 5,185 sq.ft. and asking $4,270,000 ($823 per sq.ft.) and takes up the entire 5th floor. There are 4 bedrooms and 2 baths, but can be converted to two separate apartments or 1 large loft apartment. Maintenance is relatively low for a place this size at $898 per month and real estate taxes at $1 per month.

“This large unit, 5,185 sq.ft., is an open loft with all original details. Exposed Brick, wooden exposed beams, large casement windows, original wood floors. The beauty about this unit is that it can be created into you’re own dream home. It also has the C/o to convert it to 2 separate apts. Bring your architect. It is zoned residential. Would be perfect for live work. or gallery space. The unit takes the entire 5th floor, so there are windows throughout and the light will be amazing. Please schedule an appointment to see. Now Taking Offers!! MUST SELL.”

Unfortunately, there are no interior photos (please brokers, photos will help you sell!), but with an open loft space, whoever can afford to buy this place can renovate and convert it to their own. Any thoughts as to whether or not the current market will be able to sell at this price?

{Century21 Listing Details}
{Img: 31 Washington Street}

Two new condos to come on the market in Dumbo Brooklyn:

70 Washington Street Two Bedroom Condo
This loft condo at 70 Washington Street has two bedrooms, two bathroom totaling 1236sq.ft. ($849/sqft). One gripe I have with a few 70 Washington listings: I know some of these are new units, but can the listing agent post non-stock images of the units? Other stats:

• Price: $1,050,000
• washer/dryer, 11.5 ft ceilings, low monthly maintenance
• B Line unit (Photos are stock; one bedroom is interior - floorplan PDF)
• NY Times Listing (posted on 9/18/07)

One bedroom condo at 206 Front Street
A one bedroom, one bathroom apartment at 206 Front Street, Unit 6B for $828,000 ($902/sqft). Other stats:

• Sq. Ft.: 918
• maint: $618
• Taxes: $47/mo
• Indoor parking spot included
• Elliman Listing (posted on 9/18/07)

Two new condos to come on the market in Dumbo Brooklyn:

Two adjoining units at 50 Bridge
This is a combined loft condo at 50 Bridge Street, unit 409/411. There are two bedrooms, two bathrooms totaling 2502 sq.ft. ($725/sqft). Other stats:

• Price: $1,813,950
• main: $570
• Taxes: $84/mo
• 10′5″ ceilings, exposed brick
• Corcoran Listing (posted on 9/11/07)

Studio at 100 Jay Street
A studio apartment at 100 Jay Street for $525,000 ($942/sqft). Other stats:

• Sq. Ft.: 557
• main: $376
• Taxes: $133/mo (This may be an error on the Corcoran site. Other J Condo listing tax range in the $20-30 per month.)
• Corcoran Listing (posted on 9/11/07)

A year ago, we took a photo of 53 Bridge Street, and heard from readers that there was a stop work order. We revisited this today and saw that there is a partial work stop order for any interior work (for overdue fines). So it looks like the exterior is being worked on, windows have been installed and the exterior on the addition of the top floor is being completed. 53 Bridge Street has other addresses since it spans three sides of a block. It is also known as:

• 63-71 Bridge Street (BIS Listing)
• 230-242 Water Street (BIS Listing)
• 217-223 Front Street (BIS Listing)
• 229 Front Street (BIS Listing)

{NYC.gov BIS: 53 Bridge St.}
{Property Shark, 53 Bridge Street}