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By Accord Real Estate Group

Dumbo Brooklyn Buildings/ Neighborhood Update

February 16th 2014
Tags: Real Estate News, Brooklyn Real Estate, New York Real Estate

On July 18th of 2013, we reported that developers RFR and Kushner Companies had purchased 6 buildings in the Dumbo neighborhood of Brooklyn from The Jehovah Witnesses. It is expected that this project will produce as much as 1.2 million square feet of commercial space. This commercial space would be a tremendous boost for the Brooklyn push to create a Tech Triangle in the Dumbo, Brooklyn Navy Yard and Downtown Brooklyn neighborhoods where technology companies large and small could find a home.

According to the latest information on this project, the buildings will include a residential component. So far the building department has approved plans for removal of interior partitions at 55 Prospect St., 81 Prospect St., 117 Adams St., 77 Sands St., and 175 Pearl St. This deal also includes a hotel located at 90 Sands Street which The Jehovah Witnesses are expected to keep control of until 2017.

Pricing in today's market for Residential properties in Dumbo located mostly on Main St, Washington St, Water St, Jay St, and Front St is as follows: The asking price for one bedroom, one bath, 704 square foot condominium apartment is $710,000 and up, a two bedroom one and one half bath condominium $1.6M and up, a three bedroom, two and one half bath  condominium in the $3M price range and up and finally, the stunning three bedroom, three and one half bath, 6,813 square foot Clock Tower Triplex Penthouse asking price is $18M.

There is a terrific selection of restaurants to go to in Dumbo. On Saturday, Jeff had a delicious lunch at Pedro's Mexican Bar and Restaurant located at 73 Jay St. Everything about Pedro's is terrific, from the great food to great wait staff, funky decor and wonderful vibe. Grimaldi's brick oven pizza is nearby, located at #1 Front St. Need I say more about that? There is tasty Japanese food and Sushi available at Miso restaurant located at 40 Main St. I recently had lunch there and the Udon Noodle and Vegetable soup was tasty and very welcomed on a freezing cold day. Last but not least is The one and only River Cafe located at #1 Water Street. There is wonderful live piano music at times, great food and the most amazing views of Downtown Manhattan. Call before you go to make sure that The River Cafe has re-opened after repairs that needed to be done.

For more information or if you plan to sell your residential, commercial, mixed use or investment property in Dumbo or any other wonderful Brooklyn neighborhoods, please contact Accord Real Estate Group at 718-375-2065 or email us at info@accreg.com, or visit our office.