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.

The old photo above, courtesy of New York City Municipal Archives, from 1908 of Manhattan Bridge shows the bridge under construction. 870,000 photographs of New York and its municipal operations have been made public for the first time on the internet. The city Department of Records officially announced the debut of the photo database yesterday.

Above is one of the photos that was released (on Yahoo News):

“In this June 5, 1908 photo provided by the New York City Municipal Archives, the superstructure from the Manhattan Bridge rises above Washington Street in New York. Over 870,000 photos from an archive that exceeds 2.2 million images have been scanned and made available online, for the first time giving a global audience a view of a rich collection that documents life in New York City. (AP Photo/New York City Municipal Archives, Department of Bridges/Plant & Structures, Eugene de Salignac)”

Construction of the Manhattan Bridge started in 1901 and was open to traffic at the end of 1909. This view looking down Washington Street is a well known one. This 1908 photo also shows the buildings on Plymouth Street, which still stand today (left one is 30 Washington Street and right one is 25 Washington Street).

Here’s another image of the photo from 1908, 1974, and 2009.

[+]

{Dumbo Then and Now, series, DumboNYC}

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.

It’s expensive to live in Dumbo Brooklyn. It’s still one of the most expensive neighborhoods in NYC. Buying a loft apartment in the area is cost prohibitive for many, with median prices currently at $1,029,990 ($813 per square feet and median size of 1,236 sqft), according to Streeteasy. Even then, the top end of new developments in Dumbo are selling. We don’t have statistics on this, but we’re hearing from sellers and realtors that most of the prospective buyers are people who work on Wall Street or foreigners who have cash to burn. But with limited inventory in the top range, what are they to do if they have to live in Dumbo? They can rent in a premium loft condo until something comes up. Here are three rentals in the $10,000 and up per month:

• 1 Main Street, 14th Floor (Sotheby’s), $17,500 per month (for 2 year lease), $20,000 (for 1 year lease), 3 bedrooms, 2.5 baths, 3,200sqft
• 70 Washington Street, 10G (Sotheby’s), $11,500 per month, 5 bedrooms, 3.5 baths
• 30 Main Street, PHA (Elliman), $10,500 per month, 2 bedrooms, 1.5 baths, 1,515sqft

For those with lots of cash to burn, there’s the Ultimate Bachelor Pad still available for $23.5MM.

Related:
{One Main PH Sale Sets New Brooklyn Record, 06May2008}
{High Priced Condos at One Main Under Contract ,26Mar2008}

If you’re still looking to get a Christmas tree in Dumbo, there are plenty to choose from at the courtyard next to Rice restaurant on Washington Street, by Adam Park trees. You can also get trees at Peas & Pickles.

According to a Curbed NY post, PropertyShark published their quarterly list of the most expensive neighborhoods (based on median closing price for each neighborhood). PropertyShark noted that Dumbo was one of the most expensive NYC neighborhoods in Q2 2011. In Q3 2011, Dumbo moved up one notch. Curbed writes, “Dumbo continued to rise in the ranks (up from #4 last quarter to #3), and Tribeca overtook Soho for the top spot.” Median sales price in Dumbo for Q3 was $1,460,000, which increased by 39% over Q2 (which was tops in NYC) and percentage change over the year was 99%. PropertyShark’s listings of the most expensive sales in Dumbo last quarter were:

• 30 Main Street, #11G sold for $2.8MM on 7/11/2011. 2,474 sqft ($1,131/sqft), 3bed, 2.5bath, $2,035/mo cc, (PropertyShark listing)
• 31 Washington Street, #15 (aka #6B) sold for $2.8MM on 8/23/2011. 3,194 sqft ($970/sqft), Open floor plan, 2.5bath, $843/mo cc, (Featured on Brownstoner)

A commenter on Curbed notes: “So the neighborhood with the highest rate of appreciation is DUMBO. The neighborhood with the 2nd highest appreciation over the year was Boreum Hill. IN BROOKLYN. So Brooklyn snags the top 2 slots for housing appreciation in all of NYC. Surprised West Village didn’t make the top 10 though.” Is Dumbo WAY too bubbly for its own good?

Related:
{Dumbo Is One of the Most Expensive NYC Neighborhoods (Q2 2011)}

The installation of the Belgian blocks started Washington Street this week. We noticed they are installing new granite blocks in the middle of the street, not seen in the other streets that are being repaved with Belgian blocks. The Community Construction Liaison is calling it “a new 14″ thermal block bicycle lane”.

Other activities being done this week:

• Washington and Water Street – removal of existing street lights/energize newly installed street lights
• Washington Street from Plymouth to Water Streets – Place temporary asphalt around all the manhole covers and Gas head
• Water Street between Washington/Adams Street – Continue reinstallation of the Belgian Blocks, install Belgian Blocks bicycle lane and granite crosswalks

For prior construction posts, see dumbonyc.com/tag/construction.

A new massage therapy business, called NYC Massage and Healing has opened. The space is tucked away at 33 Washington Street, part of Rabbithole Studio. NYC Massage and Healing offers the following services: Swedish/deep tissue, Shiatsu, and pregnancy massages. For more information, go to their website: nycmassageandhealing.com.

Siobhan Towey, L.M.T.
NYC Massage and Healing
Tel: 646-221-5800
Email: siobhan@nycmassageandhealing.com
33 Washington Street, Brooklyn NY 11201

Related:
{Green Stone Spa}
{Health and Body Edition}
{Wellness Lounge}

The following is this week’s anticipated construction work schedule (7am – 3:30pm work hours), field conditions permitting for this week. Please note that parking may be restricted in work areas.

• 8/5/11 through 8/12/11 – Washington Street between York/Water Street – Prepare roadway for the reinstalling the Belgian Blocks
• 8/5/11 through 8/12/11 – Washington Street between Water/Plymouth Street – Continue excavation of roadway for installation of concrete base
• 8/5/11 through 8/12/11 – Water Street between Washington/Adams Street – Start the reinstallation of the Belgian Blocks and install Belgian Blocks bicycle lane
• 8/5/11 through 8/12/11 – Water Street and Main Street intersection – Complete installation of Belgian Blocks

For more information, please call Paul Kidder, the Community Construction Liaison at 718-643-2850 or email: waterstreetccl@gmail.com

For prior construction posts, see dumbonyc.com/tag/construction.

Three digital companies have signed leases in Dumbo last week, according to a Two Trees representative. Official.FM (20 Jay Street), North American Ideon (45 Main Street), and Breakfast (55 Washington Street) have joined the New York Digital District, the neighborhood that offers free wireless access and the Dumbo Business Incubator.

Official.FM U.S.A. Inc, is a company that offers artists, labels and music media a website to share their music. They signed a lease for 1,590 square feet of space in 20 Jay Street. This will be their U.S. office location and they will continue maintain a presence in Europe.

Ideon Financial Solutions, a company that produces software and provides support for financial institutions, is based in North America and Europe, with the main headquarters located in Madrid. North American Ideon, L.L.C., the North American division, are based in New York City with additional offices in San Antonio, Texas and now DUMBO with the acquisition of 1,436 square feet of space at 55 Washington Street they are leasing.

Breakfast are innovators who create and develop new digital products and custom technology. The company will be renting 1,436 square feet of space at 55 Washington Street.

Welcome to Dumbo, the New York Digital District!

Previously:
{Lease News: 4 Digital Firms Sign in Dumbo, 28Jun2010}

Around 8am, workers hit a gas line which caused a gas leak. Emergency response vehicles are in Dumbo and work is underway to repair. The Washignton Street exit of 45 Main Street will be closed today for the repair. Advising to keep windows closed until the repairs are completed.

[UPDATE 3:20pm: Tully Construction, the contractor for the street reconstruction in DUMBO, broke a high-pressure gas line at the intersection of Washington and Water streets. National Grid has informed Community Board 2 that gas service has been disrupted to 567 meters in the neighborhood. The utility and the Fire Department have been at the breakage since shortly after it occurred. National Grid has established a mobile communications center in DUMBO and personnel are making door-to-door visits. Restoration of service may take as long as two days for some customers, the community board has learned from a consultant to the Department of Design and Construction.]

[UPDATE 12:25pm: From Two Trees: The City has shut down all gas on Washington St and Water St due to a gas leak in the street in front of 55 Washington St caused by the City construction crew. This will mean that you will be unable to use your stove and will not be able to receive hot water until the gas has been turned back on. The City has the gas leak under control and will turn on all gas to the buildings on Washington St as soon as it has been repaired. Please be sure that all gas powered appliances are in the off position.]

[UPDATE 10:15am: Workers reporting they are let back into the 55 Washington St building.]

Here’s a pic from Joseph Shemuel of the installation of auger piles:

All construction posts are here: dumbonyc.com/tag/construction

Previously:
{Washington Street Sidewalk Repair, 26Apr2011}
{Construction Update in Dumbo (Mar 2011)}
{Construction Update in Dumbo (Feb 2011)}
{Pile Driving on Washington Street, 17Dec2010}
{Two Way Washington Street, 10Nov2010}
{Washington Street Construction (Oct 19 Update)}
{Washington Street Construction (Sept Update), 22Sept2010}
{Asbestos Abatement Project, 27Aug2010}
{Washington Street Construction Update, 13Aug2010}
{Construction Around Dumbo Through 2011+, 10May2010}
{Notice: Cars Parked on Dock Street, 12Apr2010}
{Water Street Reconstruction Update (Mar/Apr 2010), 10Mar2010}
{Water/Washington St Reconstruction Project Update, 03Dec2009}
{Belgian Block Reconstruction to Begin, 04May2009}

The Gair2 rental building at 25 Washington Street has begun occupancy. The Two Trees Management redevelopment is designed by architects WASA/Studio A-Wank Adams Slavin Associates, LLP. The historic property is named after GAIR2’s 19th-century builder, Robert Gair, who is also responsible for nine other waterfront properties in the area, including seven which bore his name (Gair 1-7). GAIR2 is one of two remaining DUMBO Gair buildings to be re-developed. We previously reported that rentals start at $2,400 per month but according to a new press release, prices range from $2,300 to $6,000. Full press release after the jump.

Luxury Residences Open at Historic GAIR2 on Brooklyn Waterfront at 25 Washington Street

Brooklyn’s waterfront community of DUMBO is getting a spectacular new residence, GAIR2, a luxury rental building at 25 Washington Street. The impressive red brick homes were re-developed by DUMBO pioneers Two Trees Management and designed by renowned architects WASA/Studio A-Wank Adams Slavin Associates, LLP. The historic property is named after GAIR2’s 19th-century builder, Robert Gair, who is also responsible for nine other waterfront properties in the area, including seven which bore his name (Gair 1-7). GAIR2 is one of two remaining DUMBO Gair buildings to be re-developed.

GAIR2’s expertly preserved exterior recalls the building’s integral role as part of Brooklyn’s proud manufacturing past. Two Trees, under the direction of David and Jed Walentas, has been at the forefront of DUMBO’s success as a popular, thriving, waterfront destination, developing properties in the area for decades.

Located on idyllic Brooklyn Bridge Park, the classic, traditional brick structure of GAIR2 offers the perfect combination of old and new. Built in 1901, GAIR2’s ambiance maintains intact, while its redesigned interiors provide each home with a decidedly modern sense of luxury. The property comprises of 106 homes – including one bedroom, one bedroom with home office and two bedroom residences – ranging from 500 to 1,200 square feet.

“We have a very long and successful history with the DUMBO community and understand the importance of preserving the area’s unique identity,” said Jed Walentas, Principal at Two Trees Management. “GAIR2 maintains the integrity of the neighborhood while offering a spectacular new luxury option on the Brooklyn waterfront. It is one of New York City’s most exciting options for living and lifestyle.”

The residences include exposed wood beams and pristine white oak floors which instill a clean aesthetic and a welcoming feel. Custom Italian kitchens all feature stone countertops and the residence’s large windows flood every unit with natural light and spectacular views. The beautifully appointed bathrooms include stone floors, deep soaking tubs and Grohe faucets and features.

GAIR2 provides a number of enviable amenities including a gym, on-site Fresh Direct and washer and dryer in all models. The most impressive feature is undoubtedly the amazing 2,500 square-foot rooftop deck which offers breathtaking views of the Brooklyn Bridge, Manhattan Bridge and Manhattan skyline.

GAIR2 is conveniently located steps from Brooklyn Bridge Park and the East River, and surrounded by some of DUMBO’s best shopping, restaurant and art offerings. It is also ideally situated for residents to take advantage of the upcoming ferry service, which will include a stop at the Fulton Ferry Landing in Brooklyn Bridge Park. Close to subways with easy highway access, GAIR2 offers residents the ideal home base.

“Inside and out, GAIR2 is a fantastic addition to DUMBO,” said Asher Abehsera, Managing Director of Residential Properties at Two Trees Management. “With its great location, desirable views and fascinating past, it offers the classic Brooklyn experience with unique additions that set it apart.”

The highly anticipated completion of GAIR2 leaves just one of Brooklyn’s historic Gair buildings to be re-developed. Scottish immigrant Robert Gair rose to prominence in the 1870’s thanks to his revolutionary manufacturing inventions including a machine that produced corrugated cardboard boxes. Gair, who employed almost 2,000 people in Brooklyn by 1913, commissioned at least 10 buildings in present-day DUMBO, including a stable – now the Galapagos Art Space – powerhouse – the Smackmellon Gallery – and Gair 7, which is currently the Two Trees-developed Clock Tower at 1 Main Street. The additional properties – all of which were recognized on the State and National Register of Historic Places – have been converted into condos and office spaces.

With over 120 years of experience, WASA/Studio A was the ideal partner for this re-development which sought to preserve even as it modernized. WASA/Studio A is a fully-integrated design operation, specializing in the five major disciplines of architecture, engineering, preservation, interiors and planning, and widely recognized for its unique approach to design.

Prices range from $2,300 to $6,000 and expected occupancy is May 1. For additional information please visit www.gair2.com.

Two Trees Management Co. owns most of the Brooklyn neighborhood of DUMBO (“Down Under the Manhattan Bridge Overpass”) as well as significant properties in the Downtown Brooklyn, Brooklyn Heights, Cobble Hill, Boerum Hill area. The company’s holdings include 13 buildings and the second largest portfolio of commercial space on the Brooklyn waterfront, which spans 3 million square feet. www.twotrees-dumbo.com.

-##-
Rubenstein Associates
Contact: Barbara Wagner 212-843-8035 bwagner@rubenstein.com
Sarah McDonnell 212-843-9372 smcdonnell@rubenstein.com

{25 Washington (aka Gair2) Occupancy to Begin May 1, 14Apr2011}

The sidewalk on Washington Street, between York Street and Front Street is being replaced with ‘pigmented sidewalks’. The West side of the street is being completed this week. Repairs will begin on the East side of the street tomorrow, according to the NYC Department of Design + Construction. Ongoing work is occurring on Washington Street and Plymouth Streets with the installation of Auger piles, installing curbs on Water Street between Washington and Adams Streets, and backfilling of trench and placing temporary asphalt on roadway over the trench near the intersection of Water and Adams Streets.

Since many have asked, yes, the Belgian blocks in Dumbo will eventually be repaired as it was on Water Street between Old Fulton Street and Main Street.

For more information, please call Paul Kidder, the Community Construction Liaison at 718-643-2850 or email: waterstreetccl@gmail.com

All construction posts are here: dumbonyc.com/tag/construction

Previously:
{Construction Update in Dumbo (Mar 2011)}
{Construction Update in Dumbo (Feb 2011)}
{Pile Driving on Washington Street, 17Dec2010}
{Two Way Washington Street, 10Nov2010}
{Washington Street Construction (Oct 19 Update)}
{Washington Street Construction (Sept Update), 22Sept2010}
{Asbestos Abatement Project, 27Aug2010}
{Washington Street Construction Update, 13Aug2010}
{Construction Around Dumbo Through 2011+, 10May2010}
{Notice: Cars Parked on Dock Street, 12Apr2010}
{Water Street Reconstruction Update (Mar/Apr 2010), 10Mar2010}
{Water/Washington St Reconstruction Project Update, 03Dec2009}
{Belgian Block Reconstruction to Begin, 04May2009}

The building conversion project at 25 Washington Street by Two Trees Management from a commercial building to a residential rental building is nearly complete. The 105 rental units include an 80/20 Housing Program of New York State Homes and Community Renewal component and offers 21 affordable rental apartments. The building, originally built in 1901, is being marketed as Gair2 after the name of the original owner, Robert Gair (and the building number). The building was leased by the Charles William Stores as the administrative headquarters, housing the firm’s general offices, employment and educational divisions, dispensary, and recreation and reading rooms (See prior post for more history on the building).

According to the Gair2 website, the market rate rental prices are listed as follows:

• 1 bedrooms from $2,400
• 1 bedroom + home office from $2,900
• 2 bedrooms from $3,950

These are not the monthly rates for the low income rentals. Floorplans are also shown on the Gair2 website (click apt number for floorplan image):

• Apt 1C-7C (1 bed+home office, 765sqft)
• Apt 2G (1 bed, 567sqft + terrace)
• Apt 3A-7A (2 bed, 888sqft)
• Apt 3F (2 bed, 1170sqft)
• Apt 4H (2 bed, 918sqft + terrace)
• Apt 8C (2 bed, 1020sqft)
• Apt 9H (2 bed, 822sqft + terrace)

Interior photos aren’t available yet, but we can see the windows have triple paned soundproofing. Reactions on pricing for these rentals?

Gair2 (Gair2.com)
25 Washington Street, Brooklyn NY 11201
Phone: 718-222-5555

Previously:
{25 Washington Street Taking Applications for Low Income Rentals, 06Jan2011}
{Img: 25 Washington Rooftop Addition, 03Sep2010}
{25 Washington St LPC Hearing Sept 7, 24Aug2010}
{25 Washington Rentals to Open in March 2011, 23Jul2010}
{25 Washington St Progress, 14Jul2010}
{Help: 25 Washington Tenants Looking for Office Leases, 20Nov2009}