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DUMBO's Pricetag Continues to Grow
By
Jen Carlson
Published Oct 2, 2008
Modified Oct 2, 2008
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By
Jen Carlson
Published Oct 2, 2008
Modified Oct 2, 2008
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Ah DUMBO, the little neighborhood that could. The NY Post takes its turn at looking at "the priciest Brooklyn neighborhood," and the pioneers who purchased real estate there before anyone else. In 1998, before the average price per sq-ft was $917, Craig Burd bought a place when there was "no grocery store, no drugstore, no dry cleaners, nothing" (now there's like one of each of those things!). First Burd spent $260,000 on a 1,260-sq-ft abode at 1 Main Street, only to sell it for $895,000 a mere five years later. What's the area's appeal? The stellar view of the Manhattan skyline (if you can ignore that Verizon sign), a slew of festivals that add to the small town vibe, "industrial aesthetic and low-key lifestyle." David Walentas of Two Trees Management, mostly responsible for the success story and a major investor in the area since the 70s, says South Street Seaport, Governors Island and Red Hook will soon "link up." He noted, "Eventually all these little pockets of waterfront prosperity will begin to interact together." So while Brooklyn condo sales drop, maybe it's time to buy in Red Hook!
Tagged
brooklyn
dumbo
real estate
Jen Carlson
Jen Carlson is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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