Dumbo Residents

Toll Brothers to Build Condos at 205 Water St

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Real Estate, Water Street
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205 water street

Brownstoner reported that Toll Brothers purchased the vacant lot at the 205 Water Street address in Dumbo and plans to build a 70 unit condo building there.

This address is part of the Dumbo Historic District, a landmarked area that requires approval by LPC and the Community Board 2 before anything is built there. The lot is also part of the rezoning that was passed in July 2009.

We saw the original 19th Century foundry/warehouse demolished in 2007 before it was suggested by some in the community that it could be a site for a new middle school instead of at the controversial Dock Street Dumbo site.

According to a Brooklyn Eagle article about the 205 Water St sale:

“This was confirmed to the Eagle by Toll Brothers Senior Vice President David Von Spreckelsen, who said he hopes to begin construction within the year. “The main thing is it’s in a landmarked district, so we will be going before community groups, Community Board 2 and Landmarks,” he said, adding that this process will determine how large a project it can be. This process will begin within the next month, he added.”

“Yes, we’ve been looking — obviously for something in a market that’s still strong. And DUMBO’s still strong,” he said. The firm acquired the property in late December for $8.6 million from its previous owners, the HK Organization, which abandoned plans for a residential development on the site.

A Wall Street Journal posting also cites David Von Spreckelsen, “There’s no new developments there, but if you look at the resales that are happening, they’re all at strong numbers. It’s a great site in the heart of Dumbo.” It’s not exactly in the heart of Dumbo, but it can sell well provided that the development is solid and is consistent with Dumbo’s loft style condos.

They don’t say how many stories this is, but roughly speaking, if there are 5 units per floor, that’s 14 stories or 154 feet (making some assumptions on ceiling height (see some building comparisons here). In comparison 30 Main Street is 160 feet tall (11 stories) and the proposed Dock Street Dumbo building is proposed to be 183 feet (18 stories). We’re curious to hear residents’ thoughts about how a larger development there will impact the area.

{EXCLUSIVE: Toll Brothers Planning Large Dumbo Project, Brownstoner}
{Toll Brothers To Build in DUMBO, Brooklyn Daily Eagle}
{Brooklyn, Fuhgeddaboudit? Not Toll Brothers, WSJ}

Previously:
{Demolition at 205 Water Street, 24Jan2007}
{In the Press: Demolishing 205 Water Street, 27Jan2007}
{Stop Work Order Violation Issued at 205 Water Street, 14Feb2007}

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