Dumbo used to be a quiet Brooklyn neighborhood, but its atmosphere has changed dramatically in recent years. An acronym for “down under the Manhattan Bridge overpass,” Dumbo now forms part of the Brooklyn Tech Triangle, and has become a much-visited tourist attraction in which real estate prices have soared.
The Brooklyn Tech Triangle, which is formed by Dumbo, Downtown Brooklyn, and the Navy Yard, now houses around five hundred technology and creative companies who are expected to provide employment for about 36,000 people by 2020. It is one of Brooklyn’s fastest growing employment sectors, with tech firms offering a 57 increase in employment in the borough since 2009. With this many employees, the commuting traffic in the area is dense, as high real estate prices mean that most workers cannot afford to live in the neighborhood.
Developer Hope Street Capital saw the gap in the market and are expecting to attract many of these employees to their Front Street development. The new, 165 mixed-unit condo will be offering apartments appealing to singles, couples, and small families with studios starting at $595,000 and one-bedrooms starting at $795,000. This is a significant reduction from the average $2 million price tag on a typical Dumbo condo. The building, which stands on 98 Front Street right next to the Brooklyn-Queens Expressway, will house mainly smaller residences with over 100 different layouts. There will also be a few larger homes with starting prices at $1.38 million for two-bedrooms, $1.85 million for three-bedrooms, and over $4 million for four-bedrooms. The building, which was designed by ODA New York, will be completed by the spring of next year and will be both eco-friendly and LEED certified.
Residences in the building are minimalistic, with 10-foot-high ceilings and tall 9-foot-high windows that are completely soundproofed against the noise from the BQE. Some apartments have balconies with views of the East River. All kitchens have Corian countertops, backsplashes with Bosch appliances installed, and Italian cabinetry with natural blonde wood accents.
Luxury amenities at 98 Front Street include an indoor saltwater pool, steam room, spa, and fully equipped fitness center. On the 7,000-square-foot rooftop terrace, there will be a bocce court, outdoor fitness area, three outdoor kitchens, and movie theater. A lounge and coworking space connect to the double-height ground-floor lobby via a peaceful courtyard garden complete with a reflecting pool. A keyless entry system will allow residents to enter using their mobile phones, and the building comes with high-speed wiring and a Butterfly MX intercom system. There is on-site parking, private storage units, a bike storage room, and a full-time doorman and concierge. In the surrounding neighborhood, there are many different dining, entertainment, and artistic options for residents to enjoy.
This is luxury living at a fraction of the price in a progressive and innovative neighborhood with lots to offer. Those interested in similar options in the surrounding Dumbo area can check out the Elegran sales page or Elegran rentals page.