The well-publicized price drop at 85 Adams may be just the tip of the iceberg for Dumbo, reports Brooklyn Papers. Although prices in the nabe jumped 15 percent last year, from $620 per square foot in 2004 to $717 and the average apartment now goes for $1.25 million, a wave of new supply coming on line threatens to dilute values. Perhaps a certain Corcoran power broker put it best when he spoke thus: Last year, DUMBO was Brooklyn’s iPod, but if you have too many iPods out there, they aren’t going to sell as well. Download that.
Prices Dropping in Dumbo [Brooklyn Papers]
Holey Archisneckshore [Photo by Krispy on Flickr]