We received the following Spring 2014 update from Chris Havens, Vice President of Commercial Property at aptsandlofts.com. The office vacancy in Dumbo is still very limited and price per square feet is in the $50+ range.
There is hope on the horizon for expansion of our retail inventory, as the new developments at Dock Street (aka 60 Water Street), Empire Stores, 185 Front Street (aka 200 Water Street), 201 Water Street, and One John Street will bring much needed retail space to Dumbo. And the Dumbo Heights project (aka former Jehovah’s Witness Watchtower properties) on Sands/Adams/Prospect boasts up to 100,000 sf of retail, with new street treatments, proposed pedestrian spaces and 2nd floor activity all included.
Office inventory continues to be tight, though rising prices and tenant growth are causing some vacancies. Dumbo Heights and Empire are said to be attracting huge interest, with rents in the works over $50 per rsf. Neither will handle the bread and butter Brooklyn tenant under 5000 sf.
The wonderful Brooklyn Designs show is back next month, bringing yet more well-heeled visitors to our fair shores.
Vinegar Hill is slowly coming to life, with a new office lease at 222 Water Street ground being built out and one at 50 Bridge Street (photo) in place, construction underway on the land at Bridge and Water Streets, a new vacancy at 261-5 Water Street (Google Map) where I am bringing a 16,000 sf ‘maker space’ on line this month, and renovations at 247-51 Water Street (Google Map).
The Macy’s annual 4th of July fireworks show will finally be moved back to the East River at the Brooklyn Bridge and on East River barges, Mayor de Blasio and State Senator Daniel Squadron announced today.
The last time Macy’s held its fireworks show on the East River was in 2008. In 2009 it was moved to the Hudson River to commemorate the 400th anniversary of Henry Hudson’s voyage; it has stayed there since.
From State Senator Daniel Squadron — “I’m pleased to have pushed for this with Public Advocate de Blasio for years and now — more fruitfully — to partner with Mayor de Blasio and Macy’s to get it done. I look forward to enjoying the show with millions more New Yorkers in more boroughs for years to come.”
According to the NY Daily News, City officials expect some 3 million people to turn out for the display. Prime viewing spots will include Brooklyn Bridge Park, the Dumbo waterfront and the Brooklyn Heights Promenade, where the plan was announced today.
MNS, the Brooklyn real estate firm published their March 2014 Brooklyn Rental Market Report yesterday (along with their Manhattan Rental Market Report). The report reveals that in Brookln, average rents in Brooklyn increased 0.28% since February, from $2,629 to $2,637. Brooklyn rents have risen 6.39% since this time last year:
Some other highlights of the report include the following:
Since March 2013, Brooklyn rents have risen from $2,478 to $2,637 – a 6.39-percent increase.
The uptick in pricing is a result of growing demand for two-bedroom units in multiple Brooklyn neighborhoods.
Pricing for two-bedroom units in Bay Ridge, Bushwick, Prospect Lefferts Gardens, Williamsburg and Crown Heights increased by more than 10-percent since March 2013.
Average rents in Brooklyn remained relatively stable, rising only 0.28-percent since February, from $2,629 to $2,637.
Avg. Studios: $2,030; No change since February (Greatest change since Feb.: -4.6-percent/-$123 in Fort Greene)
Avg. One-bedrooms: $2,544; up from $2,527 in February (Greatest change since Feb.: +9.6-percent/$168 in Cobble Hill)
Avg. Two-bedrooms: $3,335; No change since February (Greatest change since Jan.: +3.1-percent/$65 in Bed Stuy)
Rents for One-Bedrooms in Dumbo increased 11% since this time last year, from $3,543 to $3,934.
In Dumbo for March 2014, studios were $2,975 (vs $2,913 in Feb 2014), one bedrooms $3,934 (vs $3,925 in Feb 2014), and two bedrooms $5,281 (vs $5,204 in Feb 2014). Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:
Dynomighty is opening their first showroom in Dumbo at 80 John Street (corner of Bridge Street) next week (official public opening date is Friday, April 18, 2014) as part of a bigger brand expansion, entering into women’s accessories and sophisticated men’s accessories. Of course there will be plenty of new Mighty Wallets they are famous for, and there is a custom print feature called My Mighty Wallet (print your own Instagram photos on the wallet), but in the spirit of Dumbo’s creative community, founder Terrence Kelleman also sees the space as a place that supports the creative community of NYC.
The showroom is a 700 square foot co-working space open to all. Kelleman believes the artworks and other design elements will foster a collaborative environment unlike other drop-in, co-working spaces. It’s outfitted with custom cardboard furniture, a sofa painted by Joseph Meloy (aka Vandal Expressionism), artwork from the Dynomighty Artists Collective (also re-launching the 18th), a live stream of an French video-arts channel and a wall piece from Brandon Sines, which will be completed at the opening during a live painting event.
80 John Street, Brooklyn NY 11201
The Dumbo Improvement District is seeking a design team to create DUMBO Circuit, a pop-up 1-mile outdoor fitness loop activating eight park sites surrounding the BQE and Brooklyn and Manhattan Bridges. The project will be installed for one year beginning this summer. The DUMBO Circuit project goals include creative placemaking, public health, community connectivity, economic development, neighborhood identity, and visibility.
RFQ submission deadline is April 18, 2014. Project budget is $40,000 inclusive of design, production and installation. The DUMBO Improvement District will be hosting informational site walk-throughs on Wednesday, April 9 at 9:30am and Monday, April 14 at 5pm.