Dumbo NYC

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

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.

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