Dumbo in Brooklyn is all set to experience a very busy summer with the real estate demand going really high. Loads of new apartments and condos are coming up in Dumbo to welcome the new influx of house hunters. Water Street and Washington Street are seeing the most activity in terms of apartments, rental towers and work tower construction.
Dumbo was oncefamous for its sprawling spaces and huge expensive apartments. But now the trend has changed drastically. More and more smaller apartments are coming up in Dumbo, to make affordable living a reality. The changing trend of divide the existing spaces to create more bedrooms signal a shift in the rental mix. The occupants are more of single families, small families and entry level executives. After all Dumbo is one of the city’s most coveted neighbourhoods. If you are lucky enough, you could have a direct view of Manhattan and Brooklyn Bridge from your apartment. Now that is some great sight to come back home to.
Dumbo with its excellent facilities and great connectivity is today experiencing some of the highest rents for one bedroom and two bedroom apartments.
When we look back, Dumbo has performed exceptionally well by transforming itself from an underused waterfront area to a full-fledged industrial, residential, commercial and tech hub.
Dumbo was once sheer wasteland used for abandoned car dumping and oil barrels.
Today, the median rent for a one bedroom apartment in Dumbo would be $3600. People would do anything to get an apartment for rent at Dumbo. Real estate developer, Walentas was majorly responsible for giving new life to Dumbo. Dumbo has all modern facilities, infrastructural requirements, connectivity to Manhattan, educational facilities, entertainment and dining options and strikingly beautiful museums and art galleries. The presence of art and culture in a neighbourhood, determines the quality of residents it would attract. The factors which made Dumbo a favourite for the house hunters were:
- The consecutive two tech booms
- The sky high prices and rental rates in Manhattan
- Very family friendly neighbourhoods
- The slow developmental phase of East River
Dumbo established itself as a part of the Brooklyn Tech Triangle along with Downtown Brooklyn and the Brooklyn Navy Yard. The employment opportunities and their growth would attract more residents there. Also a lot of changes in demographics are expected in terms of:
- Really affordable housing for those with very low incomes
- More schools, so that the growing teens do not have to move out in search of quality education
- Investment of bigger and more mature companies in Dumbo contrary to the present crowd of start-ups.
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