A new retail space at 59 Pearl Street, similar to “The Shops at 145 Front Street” is under construction. This space was formerly occupied by PetWebExpress (which moved a block to its current home at 5 Anchorage Place) is between Limo Nerd and Archway Cafe.

If anyone knows what retail is coming in, please comment below.

It’s not often you see a rental pop up at 39 Pearl Street. So when Brownstoner posted the rental of the day last week, it caught our eyes. This 3,200 square foot, 4 bedroom rental is asking $6,500. This is a (increasingly) rare original loft space in Dumbo with an open floor plan. The listing (by owner) says:

The loft is an amazing one of a kind 3,200 sqft open floor plan apartment in the heart of Dumbo. This unique space is on the fourth floor in a pre-war elevator building. Features include: brick, five large windows facing north and 4 large windows facing east, great light, concrete floors, brand new kitchen appliances, huge cutting board, lots of storage space and 160 year old cherry wood columns, beams and buttress. Kitchen features an Italian multi-colored slate tiled kitchen counter, and an industrial style stainless steel prep counter island in the kitchen. Bathroom features include Italian multi-colored slate, antique pedestal sink and claw foot bathtub.

The asking seems high, but for the amount of space, you’re paying around half per square foot ($24) compared to other full service buildings in Dumbo such as 100 Jay ($50 per sqft avg), 30 Main ($49 per sqft avg), or 70 Washington ($47 per sqft avg). This raw-like space is not for everyone, but we love the space and columns/beams.

39 Pearl Street Listing, Streeteasy

The NYC Landmarks Preservation Commission has a few calendar items related to buildings in Dumbo:

• 81 Front Street (June 5, 2012): hearing is for an application to replace storefront infill and install signage.
• 185 Plymouth Street (May 22, 2012): application is to construct additions, modify window and ground floor openings, alter sidewalk, install storefront infill, a canopy, and signage.

Brownstoner posted about 185 Plymouth Street last week. The developers of 192 Water Street will be renovating 185 Plymouth into “a similar treatment of the existing warehouse building”. Brownstoner writes:

“Some differences at 185 are that most units will have outdoor space, and there’s an interior courtyard that all units will have views to. 185 also has 13-14 foot ceiling heights which are a couple of feet taller than 192 Water. Half of the units also have water views.” Earlier this week the CB2 Landuse Committee approved facade changes, including a rooftop addition for two penthouse units. Here are a few more cool facts from the architect: since there’s no real sidewalk on Plymouth (it’s mostly cobblestone), they plan to continue the cobblestone into the lobby to create the feeling of a continuing street. And the building, previously a brillo pad factory, had a bridge opening across to 205 Water Street, also part of the factory.”

There have been several tenant rumors about 81 Front Street, but nothing official has been released yet. Anyone know?

According to the April 2012 Brooklyn Rental Market Report by MNS, prices have increased year over year for studios, one bedroooms, and two bedrooms, and Dumbo is the most expensive across the board (Bay Ridge was the least expensive):

In Dumbo, studios were $2,656, one bedrooms $3,463, and two bedrooms $4,934. Comare that to April 2012 mean Brooklyn rental prices for studios ($1,749/mo), one bedroom ($2,328), and two bedrooms ($3,015).

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(1.1MB)).

The NY Times published an article about the 30 Washington Street building conversion, which will be about 100 rental apartments and will take about a year to renovate. Writer Jake Mooney includes some other nuggest of information, including a reference to how Dumbo’s housing market is doing well.

Brooklyn Paper also mentioned last month that Dumbo rents are higher than most of Manhattan. With the limited inventory in the neighborhood, the average price of a studio in Dumbo was $2,567 per month ($300 more than last year and $458 more than the average studio price in the Lower East Side), writes Brooklyn Paper.

With 205 Water Street, 220 Water Street, 37 Bridge Street (Kirkman Lofts), 192 Water Street, and 133 Water Street added to the real estate mix, real estate developers are trying to meet the demand in the area.

The other item mentioned in the NY Times article is the long-planned 400-unit Dock Street project next to the Brooklyn Bridge is to begin in July. Currently, a parking garage and lot occupy the space where the Dock Street project will break ground (photo above). We spoke with the garage staff who mentioned that they are no longer offering monthly parking there and renters have been notified that they will have to find other garage space by June to prepare for the Dock Street project.

From Loftlaw.info:
Please Join
Assemblyman Vito J. Lopez, (D-Bushwick & Williamsburg)
Councilmember Stephen Levin, (D- Brooklyn Heights, DUMBO, Greenpoint, Williamsburg

Panelists:

New York City Loft Board
New York City Department of Buildings

Co-Sponsors:

DUMBO Neighborhood Alliance
New York City Loft Tenants
Brooklyn Arts Council
East Williamsburg/Bushwick Loft Tenants Association
Neighbors Allied For Good Growth
New York Live-Work Coalition

Attend this event to learn about your rights and show support of the Loft Law.

7:00 PM Tuesday, April 24, 2012
Our Lady of Pompeii Community Room
225 Seigel Street, Brooklyn, NY

The conversion process at 30 Washington Street (between Water and Plymouth Streets) to renovate the building into a residential property started over the weekend. The scaffolding has been installed and interior has been cleared for renovation. The change of use from commercial to residential began when Two Trees Management notified the League Treatment Center, that they would need to relocate in 2009. The League Treatment Center (as featured on DumboNYC) serves 100 preschool children and 150 adults (they’ve since found a new home at 470 Vanderbilt Avenue which will server over 300 children and adults). The Dumbo Arts Center was also located at 30 Washington Street until they moved to their current location in Dumbo at 111 Front Street, Suite 212.

According to the job filing on the NYC Department of Buildings website, “Change of use to convert existing building from commercial to residential. relocating floor area to create addition of 7th floor. general construction and partial demolitition throughout.”

The building, also known as 26-38 Washington Street (northwest corner Water Street; 113-119 Water Street) is one of the most attractive buildings in Dumbo, in our opinion. There are 6 stories plus a basement, and has plans for an additional story. The building, an American Round Arch style, was built in 1887 by architect Benjamin Finkensieper, and originally owned by Robert Gair. (See pages 122-125 of the NYC Landmarks Preservation Commission for details.) A NY Times article reference states the conversion will be for 100 rental apartments.

The building across the street, 25 Washington Street was also converted, which began occupancy in May 2011.

133 Water Street, (the silver building in the above photo), currently a rental building, has started to sell apartment units as condos. According to streeteasy, there are four units on the market, all offered by Brown Harris Stevens:

• $939k: #8A, 2 beds, 1,124sf, $838/mo maintenance ($835/sqft)
• $885k: #3B, 2 beds, 1,057sf, $1007/mo maintenance, ($837/sqft)
• $725k: #5E, 1 bed, 912sf, $680/mo maintenance, ($794/sqft)
• $700k: #10D, 1 beds, 802sf, $598/mo maintenance, ($872/sqft)

Seems they are within current prices in Dumbo (at least in price per square feet), which is currently at a median of $827 per square feet, according to Streeteasy.

(Source: WSJ)

An article over the weekend by the Wall Street Journal discussed the dearth of apartments and commercial space in Dumbo. The Observer’s BetaBeat, Brooklyn Paper, and The Real Deal also reported on the limited commercial space in Dumbo last week.

According to the WSJ article, three large development projects have been created on Water Street (between Jay and Bridge Streets) – 192 Water Street, 205 Water Street, and 220 Water Street:

But developers are betting that with little inventory available in the more-developed part of Dumbo, buyers and renters will be willing to pay similarly steep prices to live along the grittier border with Vinegar Hill, a six-block neighborhood along the waterfront.

“The concept that Dumbo is just a two- or three-block area is a misconception,” said Carre Harnett, director of leasing for the developer, GDC Properties, which developed one of the new properties, 220 Water St. “There are a finite number of developable buildings and a few parts of land, so we’re filling out Dumbo.”

…thanks in part to a rezoning a few years ago to allow for residential conversions and new construction, eastern Dumbo has seen a modest influx of apartments. Construction was sluggish through the recession, but several buildings ahave finished or are nearing completion.

At 205 Water St., Toll Brothers is building a 65-unit condo project that tries to emulate the warehouse buildings in the area, including using reclaimed wood from the Coney Island boardwalk as part of the interior decorating.

In addition, at 192 Water St., Alloy Development and Hamlin Ventures have converted a century-old tea warehouse into nine lofts, most of which were priced just under $2.5 million.

While many of the streets still feel desolate, a mix of stores—from a baby and maternity shop Egg by Susan Lazar to clothing boutiques like Blueberi and Trunk—have popped up.

Other development projects in East Dumbo not mentioned in the article are 37 Bridge Street (residential), 231 Front Street (commercial), 109 Gold Street (now a rental), 185 York Street (residential), and 51 Jay Street (commercial, on the market). I’m sure this contributed to the Jehovah’s Witnesses properties in Dumbo being considered for sale.

In a story that makes you wish you did what they did, the NY Post wrote about one couple’s real estate sales in Dumbo in a span of 14 years. Victor and Athena Calderone bought in Dumbo in 1998 for $275 per square foot at 1 Main Street (when Two Trees redeveloped the building), a 1,700 square foot condo for $467k. For approximately the same cost today, you can get a 565 square foot studio at 205 Water Street.

The story continues with the sale of their place for more than double and upgraded to a two bedroom condo on the same floor, which was then sold three years later worth twice. They invested in two penthouse condos at 70 Washington Street (“one a two-bedroom for $2.2 million, or $1,269 per square foot; another a one-bedroom for $1.5 million, or $1,197 per square foot”), which we profiled in April 2010 and was sold in 4 weeks for under $4million.

They purchased a condo at One Brooklyn Bridge Park before buying back into Dumbo, a $2.3 million, 2,187-square-foot, three-bedroom penthouse (with two terraces, a balcony and a private roof deck that total 2,344 square feet.)

Karen Heyman handled all of their sales and purchases since their purchase at One Main in 1998.