The Real Estate Scene Down Under
Down Under the Manhattan Bridge Overpass, that is. The NY Post takes a look at Brooklyn’s priciest neighborhood today, “where the average price per square foot in the second quarter of 2008 was $917, according to the Real Estate Board of New York (REBNY). (Compare that to Brooklyn Heights at $834 and Park Slope at…
Down Under the Manhattan Bridge Overpass, that is. The NY Post takes a look at Brooklyn’s priciest neighborhood today, “where the average price per square foot in the second quarter of 2008 was $917, according to the Real Estate Board of New York (REBNY). (Compare that to Brooklyn Heights at $834 and Park Slope at $801.)” They chronicle the real estate adventures of one forward-thinking resident who purchased a $260,000, 1,260-square-foot apartment in 1998, and sold it five years later for $895,000; he repeated a similar feat, and ended up affording a $1.2 million condo. All three of his units were in Two Trees buildings. A companion article chronicles what they paint as the benevolence of Two Trees, who offered free rent to businesses if they were the “right kind” of retail outlets for the nabe: book stores and furniture shops and arts centers. “Of course, the Walentases aren’t responsible for every thriving business in DUMBO,” they write. “But it’s hard to imagine that the eclectic Superfine, a restaurant open since 2001, would have existed without their influence.” They are not, however, responsible for the Starbucks.
Down Under [NY Post]
Don’t Pay Retail [NY Post]
Front Street from Above. Photo by DumboNYC.
Gotta rail against all the DUMBO hawks.
I really don’t understand why people go to DUMBO to start a family. The noise and filth from the car traffic and bridges is unbearable. There is always ‘dust’ in the air as the cars and trains vibrate the bridges, dumping rust and lead paint onto the streets below.
Why did they build a playground almost underneath the bridge?
I have seen parents letting their kids wade into the east river – why do they do this? Don’t the realize how polluted and disgusting that water is? How can they let their kids run around the area barefoot?
Also, there are no good schools near DUMBO, every store is overpriced and outside the 3 blocks of central DUMBO, the rest of the area is very sketchy.
Look, I grew up in the pre-gentrified upper west side during the 1970s. It was dirty and dangerous back then, but at least we knew not to go swimming in the Hudson or run around near the west side highway. Also, all the stores were mom and pop owned and reasonably priced. The DUMBO kids seem to be encouraged to embrace the filth and wastefulness of their parents.
Why do people pay premium prices for one of the most unhealthy areas of the city (besides Newton Creek or Gowanus). I just don’t get it. What’s the attraction?
I just went to my friend’s place at 30 Main on the 5th floor. Beautiful 1,500 sf 2-bedroom place with nice finishes, high ceilings, and a great view of the Manhattan Bridge. He paid $936/SF, though. Even at that price, I think these prices will hold reasonably firm. There are so few units with good views, I don’t see it dropping 20% but I’m sure the Jackal is counting on picking it up on the sly for 50% off.
European and Asian tourists like it because of the grafitti, mud, and general squalor around the delapidated Empire Stores. That’s the NYC they really want to see and take pictures of to show their friends back in the immaculate towns and cities they come from.
Maybe the tourists bureau should stage gang fights, ala West Side Story, along Water Street.
I was very close to purchasing a condo in DUMBO prior to my SCH purchase. I think it’s a fantastic enclave with it’s on flair and sense of style…..and the view from that corner condo……fantastic. Whenever I go back for ice cream or pizza I second guess my decision, but once I arrive and hafta maneuver through wedding parties and the various park activities they have I know I made the better decision.
Two guys from the street bought places there and love it.
Its too bad Walentas is too cheap to put security guards in his buildings cause 55 Washington was always getting robbed when I was there,
sam, they had the carousel running during last weekends DUMBO Under the Bridge Arts Festival (which was wonderful, by the way). I recall a sign there saying they were hoping to have had permission for people to ride it during the weekend, but weren’t granted it for some reason or another. The literature and person working (volunteering?) there did seem optimistic it would one day be in BBP.
Jane Walentas is still petitioning to have the carousel situated in BBP, but there has not been a formal agreement.
There was an article in the Brooklyn Eagle about her efforts two weeks ago.
I am not a DUMBO resident, which is probably how I maintain my objectivity vis-a-vis Wallentas, so I have not heard what’s new with the carousel. Are they still planning to move it to the BB Park? Also, did I hear somewhere that the State was reissuing the RFP for the Empire Stores lease or licensing agrement, whatever, to get the buildings off their hands?
Very early for the thread to get hijacked yous guys.