Last week’s NY Post House of the Week featured Women’s Health publisher Laura Frerer-Schmidt’s 6,000 square foot Dumbo loft. The loft at 31 Washington Street was converted in 2008 into two separate lofts — a 2,600 square foot unit for her family and a 3,300 square foot unit purchased by the president of Dumbo-based West Elm.
The owner spent a year and a half renovating and discusses the difficulty of getting the Certificate of Occupancy (C of O) without an architect: “According to city records, there was an elevator in the middle of their apartment. A Red Cross facility once stationed in their building during a 1950s storm meant their kitchen and bathroom must be held to hospital standards. Inspectors came more than a dozen times. It was like being in a Sartre novel. Eventually, Frerer-Schmidt took a few weeks off work and literally hung around the DoB to get all her checkmarks.”
The end result is a beautiful open floorplan with 14″ ceilings with exposed wooden beams.
(Photos courtesy of NY Post. Click more below for more photos.)
We received the below December 2013 update from Chris Havens, Director of Commercial Property at aptsandlofts.com. The office vacancy in Dumbo is limited and price per square feet is in the $50+ range.
Once again DUMBO is a market leader, with Two Trees achieving over $100 per square foot at One Old Fulton Street from the incoming Shake Shack and West Elm is reported to paying $42 to $52 per RSF (various sources give both numbers!) for 150,000 RSF at Empire Stores. The Brooklyn record for office space and supportive of the $50 something asks at the ‘new’ Sands & Prospect buildings the Watchtower sold.
Our little waterfront world has changed – I recently put in a $40 offer for office space in a brick and timber building and it was not accepted!
A new restaurant called DISH replaced RICE at 81 Washington. As you know, workers and residents ask constantly for more food options. The food truck consortium that leased the lot at Water and Jay to rotate trucks is very popular but not the sit down dinner space sorely needed here.
Midtown Equities and their partners have put their 40,000 sf of retail and 17,000 of ‘market space’ officially up for grabs. I’ll see the building again Thursday and learn more about pricing, which is around $100 per sf. West Elm has taken 9,200 of that space so far.
We are all waiting for Bridge Street to get some retail. Both 52 Bridge and 220 Water are said to be leased to office users. Until 53-57 Bridge is renovated for office (I hope) or residential use, not much will happen over there.
At long last, the Chambers Papers Company is said to be leaving 135 Plymouth Street, as that owner continues to renovate units upstairs as apartments and litigates to stave off Loft Law coverage of the existing residents.
Commercial real estate brokerage TerraCRG has posted the 46 Old Fulton Street building on the market for $7,795,000. The 17,864 square foot, 4 story building has 42 feet of frontage on Old Fulton Street and 50 feet of width on Doughty Street. The building includes 4,466 square feet of basement, totalling 22,330, of which 50% will be delivered vacant. It’s currently configured as 7 commercial units plus basement. There’s 3,466 sf street level retail space on the ground floor.
The 1925 building was on the market about two years ago for $7 million. Commercial Observer points out that a retail boom in the Fulton Ferry District makes this building attractive for retail space: “A Shake Shack is set to open nearby at One Old Fulton Street while existing restaurants in the immediate area include the famed Grimaldi’s pizzeria, River Cafe and Juliana’s. There’s a major redevelopment going on at the nearby Empire Stores, which will have 360,000 square feet of office and 75,000 square feet of retail space.”
Note the sign on the top of 135 Plymouth Street building “Follow the Daily Bugle on Tumblr”. The original sign had “E.W. Bliss Company” on it (no longer on the existing building). The Amazing Spiderman 2 movie will be released in theatres on May 2, 2014.
MNS, the Brooklyn real estate firm published their November 2013 Brooklyn Rental Market Report today (along with their Manhattan Rental Market Report). The report reveals that in Brooklyn, following 13-month highs for studios, and one- and two-bedroom units – average rents fell 3.03-percent in November from $2,698 to $2,617. Although prices for studios (-0.98-percent), one-bedroom (-3.47-percent) and two-bedroom units (-3.95-percent) fell slightly from October, rental pricing has jumped 2.50-percent since this time last year, when overall rents were $2,553. The main drivers of this annual change continue to be studios (+7.6-percent) and two-bedroom units (+2.6-percent).
Andrew Barrocas, CEO of MNS, points to Brooklyn’s Bushwick neighborhood as an area that has garnered significant interest in terms of demand for rental properties. Since November 2012, Bushwick rents have increased 13.5-percent from $1,849 to $2,099. Demand and lack of inventory are driving factors in the uptick in rental pricing in Bushwick.
Some other highlights of the report include the following
The average rent in Brooklyn sits at $2,617 – down from $2,698 in October, but still up from $2,553 in November 2012.
Average prices for studios in Fort Greene increased by 10.6-percent from $1,940 in October to $2,146 in November – a jump attributed to an increase of availability of new studio listings at 80 DeKalb Ave.
Prices for Park Slope one-bedroom units declined 5.2-percent since the previous month from $2,704 to $2,562. The neighborhood offered the most inventory for one-bedroom units in all of Brooklyn.
Two-bedroom units in Downtown Brooklyn dropped from 8.8-percent, from $4,097 in October to $3,735 in November.
Brooklyn Neighborhood Highlights
Bed-Stuy rents have increased 15.6-percent from $1,587 to $1,835, the largest relative increase of any Brooklyn neighborhood in this period.
Increased demand for one-bedroom units in Bed-Stuy have driven prices upwards from $1,591 to $1,847.
DUMBO continues to be Brooklyn’s most expensive neighborhood with average rents reaching $4,093, up 4.3-percent from $3,924 in November 2012.
Studios in DUMBO – up 17-percent in the last year to $3,113 – now out-price nearly all studios in Manhattan, except doorman units in the East Village and Greenwich Village, and non-doorman units in TriBeca.
DUMBO one-bedroom units increased 11-percent since November 2012, from $4,980 to $5,527– this average price surpasses all non-doorman two-bedroom units in Manhattan (except TriBeca) and doorman units in the East Village, Harlem and the Lower East Side.
In Dumbo for November 2013, studios were $3,113 (vs $3,145 in Oct 2013), one bedrooms $3,640 (vs $3,891 in Oct 2013), and two bedrooms $5,528 (vs $5,809 in Oct 2013). Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:
We previously noted that Leaf Medical, a primary care center will open in Dumbo. They are now open and taking appointments in Dumbo. Leaf Medical provides a variety of services from top medical providers, including services such as general pediatric care, pediatric preventative medicine, pediatric procedures, general adult health care, adult preventative medicine, adult procedures, genearal gynecologic health, gynecologic preventative medicine, and gynecologic procedures.