01/08/15 4:40pm

MNS, the Brooklyn real estate firm published their December 2014 Brooklyn Rental Market Report today (along with their Manhattan Rental Market Report). Andrew Barrocas, CEO of MNS, notes that rent prices in Brooklyn decreased slightly to $2,666.88 in December 2014, from $2,677.19 (0.39%) in November 2014, however since December 2013, a 3.08% increase was observed with prices increasing from $2,587.23. Listing inventory increased substantially by 9% from 2,879 unit listings in November 2014 to 3,148 in December 2014.

The largest percentage increase in rent prices (among material sample sizes) was seen in Studio units in Downtown Brooklyn at 10.57%. The largest percentage decreases were seen in Studio units in Bay Ridge and Greenpoint, at 11.94% and 12.88%, respectively.

brooklyn_market_dec_14

Some other highlights of the report include the following:

  • Rent Prices in Brooklyn decreased slightly from 2,677.19 in November to $2,666.88 in December, a 0.39% drop
    • Since December 2013 rent prices have increased 3.08% rising from $2,587.23 to $2,666.88 in December 2014
  • Listing inventory increased substantially by 9%, from 2,879 unit listings in November 2014 to 3,148 in December 2014
  • The largest percentage increases in rent prices since November 2014
    • Studio units in Downtown Brooklyn rose 10.57% from $2,361 in November to $2,611 in December
  • The largest percentage decreases in rent prices since November 2014
    • Studio units in Bay Ridge decreased by 11.94% from $1,458 in November to $1,284 in December
    • Studio units in Greenpoint decreased by 12.88% from $3,012 in November to $2,624 in December
  • The largest annual upward shift in rent prices
    • Average rent increased 15.7% in Boerum Hill from $2,667.65 in December 2013 to $3,088 in December 2014
  • The largest annual downward shifts in rent prices
    • Average rent decreased by 7.4% in Williamsburg from $3,461.62 in December 2013 to $3,204.51 in December 2014
  • Dumbo two-bedroom units have increased by 12.32% since December 2013, rising from $5,153 to $5,788

In Dumbo, although the overall monthly average increased slightly by 0.49%, overall annual average rental prices increased by 5.7%, largely driven by a 12.32% growth in 2 bedroom apartment prices. In Dumbo for December 2014, studios were $2,880 (vs $2,955 in November 2014), one bedrooms $4,043 (vs $3,943 in November 2014), and two bedrooms $5,788 (vs $5,751 in November 2014). Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:
dumbo_brooklyn_market_dec_14

For full report, go to www.mns.com/brooklyn_rental_market_report

Previously:
{October 2014 Brooklyn Rental Market Report}
{July 2014 Brooklyn Rental Market Report}
{May 2014 Brooklyn Rental Market Report}
{March 2014 Brooklyn Rental Market Report}
{January 2014 Brooklyn Rental Market Report}
{November 2013 Brooklyn Rental Market Report}
{October 2013 Brooklyn Rental Market Report}
{July 2013 Brooklyn Rental Market Report}
{May 2013 Brooklyn Rental Market Report}
{Brooklyn Rental Market Report (Year End 2012)}
{October 2012 Brooklyn Rental Market Report}
{September 2012 Brooklyn Rental Market Report}
{June 2012 Brooklyn Rental Market Report}
{May 2012 Brooklyn Rental Market Report}
{April 2012 Brooklyn Rental Market Report}

01/07/15 3:00pm
50 Bridge Street before restoration

50 Bridge Street before restoration

50 Bridge Street after restoration

50 Bridge Street after restoration

The 50 Bridge Street building announced the completion of their restoration project last month. After 2 years and $3.5million, the building underwent an exterior renovation project. The building’s previous “green and purple” painted bricks were restored to their original brick color. The new look

In a statement from the Bridge No. 50 Condo board, they said:

“We are thrilled by these significant renovations that have resulted in the restoration of much of our building’s original character. The building is a beautiful example of 19th century industrial architecture and we have worked closely with Landmarks throughout this project. We have a wonderful community of supportive neighbors, and we are pleased to see the surrounding area tastefully and appropriately developed as well. We would also like to thank Cowley Engineering and Flag Waterproofing and Restoration for all their efforts in leading this project to its successful completion”.

Bridge No. 50 is a 58-unit luxury condominium building located in Dumbo, Brooklyn. Originally constructed in 1894 and redeveloped as a condominium in 2004, the building is located in Dumbo’s historic district and was once an important part of Alexander Kirkman’s soap manufacturing company.

Bridge No. 50 is surrounded by other luxury residences including 220, 205 and 192 Water Street, Kirkman Lofts, and the soon to be completed Waterbridge 47, 177 Front and 200 Water. New boutiques and high-end specialty businesses such as Valrhona Chocolate and Mouth Indie Spirits + Wine have recently opened on Water Street, and retail space for restaurants and schools, such as the Kirkman Academy are planned for developments currently under construction.

01/07/15 2:00pm

View of Manhattan Bridge from Washington Street

Now that January has come, we’re back at work from the holiday season. I took a break from posting here to take care of family matters as my father passed away. Don’t mean to get personal, but life happens and we all have to take care of our loved ones first. I’ll be posting more regularly (i.e. daily) as there have been lots of changes in the neighborhood in the past month already (such as 177 Front Street development, Galapagos Art Space left, 50 Water Street opened, development progress at Brooklyn Bridge Park, etc).

Thank you for sticking with us, and if you have any questions, concerns, or ideas about DumboNYC.com and our neighborhood in general, please email me at DumboNYC[at]gmail.com.

We’re also looking for contributors (especially residents new and old in Dumbo). We have some great correspondents now gathering info but also asking for writers to contribute regularly.

12/11/14 12:35pm

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Dumbo Holiday Tree (from 2010)

Dumbo Holiday Tree (from 2010)

There is a tree lighting event tonight (December 11, 2014) from 6-7pm at the Pearl Street Triangle (Google Maps). The tree lighting ceremony will include a countdown led by NYC Council Member Steve Levin, Calypso music by Brooklyn-based steel drum band JahPan, hot cocoa by Dumbo’s Jacques Torres, Santa Claus, and a toy drive (bring an unwrapped toy for a child ages 0-14) for the Big Brooklyn Holiday Toy Drive.

The 9th Annual Dumbo Holiday tree lighting ceremony is sponsored by the DUMBO Improvement District.

If you still need a Christmas tree, there are several neighborhood locations that offer them:

  • at the courtyard of 81 Washington Street, Vermont Trees from Adam Park Trees
  • at Peas & Pickles grocery store, 55 Washington Street
  • at Brooklyn Roasting Co, 25 Jay Street
Vermont Trees from Adam Park Trees at 81 Washington Street

Vermont Trees from Adam Park Trees at 81 Washington Street

Peas & Pickles grocery store, 55 Washington Street

Peas & Pickles grocery store, 55 Washington Street

Brooklyn Roasting Company Holiday Trees

Brooklyn Roasting Company Holiday Trees

12/10/14 3:45pm

Shibui retail location

If you’ve walked around Vinegar Hill, or have an appreciation for Japanese art, you’ve probably have seen or been to Shibui, the art and furniture showroom. After almost 5 years at the 306 Water Street location, Shibui moved to Dumbo on the corner of Washington and Water Street. Proprietor/owner Dane Owen told DumboNYC that the lease ended at the former showroom and is fortunate that they were able to find a new showroom location closeby in Dumbo. He signed a five year lease with Two Trees and after building out the space, opened the new showroom last week at 38 Washington Street.

Shibui

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Shibui has the largest collection of antique Japanese cabinetry (tansu in Japanese), lacquer ware, ceramic, old store signs, yukatas (a type casual kimono), tea pots, sake bottles, and art in the East Coast. Mr. Owen and his team travel to Japan a few times a year to look for art with an interesting history and quality craftmanship to curate for the showroom (ask him about any piece and he has a story about it).

The showroom has great gift ideas or art that you would be proud to display in your loft. Some photos of the new space are shown below (click more), but check out the new Dumbo location.

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SHIBUI (SHIBUI.com)
38 Washington Street, Brooklyn NY 11201 (cellar level on the corner of Water Street)
tel: 718-875-1119
twitter: @Shibuikotto
Instagram: instagram.com/shibuikotto
Facebook: facebook.com/ShibuiKotto
Pinterest: pinterest.com/shibuikotto

Previously:
{Japanese Furniture Showroom Shibui opens in VH, 08Jan2010}

(more…)