Dumbo sees huge demand with only a few units for rent

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Dumbo real estate is hotter than home COVID testing. Across Brooklyn’s waterfront neighborhood, only 16 apartments are available for rent on StreetEasy right now – as of last week, there were only six.

According to Nancy Wu, chief economist at StreetEasy, Dumbo saw a 52% increase in searches on its site year over year. “We predicted that demand in Dumbo would be very high this year. In fact, it landed No. 2 on our list of the best neighborhoods to watch in 2022, ”she said.

But before the pandemic, it was a whole different story.

“There was a lot of supply and you would have no problem finding a rental,” said Miller CEO Samuel Jonathan Miller. “The pandemic has caused the high-end housing market to take off, and Dumbo is synonymous with luxury. It would have been unimaginable before the pandemic for anyone to think that the neighborhood only had six locations. “

But those who are dying to live in Brooklyn’s most desirable neighborhood are in luck, at least temporarily: Magnolia DUMBO, a 320-unit luxury rental property at 160 Front Street with 100,000 square feet of amenities to boot, hits the market today.

The great hall of the Magnolia.
Williams New York

Magnolia Dumbo will increase the current inventory, but rentals are released in phases of six to 10 units at a time, said Matthew Villetto, executive vice president of Douglas Elliman Marketing Group, the property’s exclusive rental agent.

Pricing will start at around $ 3,800 for studios, $ 3,900 for junior rooms, $ 4,880 for bedrooms and $ 7,100 for two-bedroom residences. The apartment building also offers a three-bedroom unit, but pricing has yet to be released.

All apartments have living rooms with approximately 10 foot ceiling heights, oversized screened windows, and Bosch washers and dryers.

Magnolia's games room.
The games room at the new DUMBO property.
Williams New York

The famous New York-based Morris Adjmi is behind the architecture and amenities include an outdoor pool club, a 23,000 square foot indoor park designed by Michael Van Valkenburgh, the Brooklyn Bridge landscape architect Park, several lounges and a games room with billiards. Gym fans will appreciate the huge gym with multiple studios, indoor pool and spa, full-size indoor basketball court, and cafe.

Exterior of the outdoor swimming pool on the eighth floor.
There is an outdoor swimming pool on the eighth floor.
Williams New York

Equipment lags behind units and is expected to debut in March, Villetto said.

“The pandemic has kicked off the high-end housing market, and DUMBO stands for luxury. It would have been unimaginable before the pandemic for anyone to think that the neighborhood only had six locations. “

Jonathan Miller, CEO of Miller Samuel Inc.

But Dumbo isn’t the only nabe in the borough facing a shortage of luxury housing. Brooklyn’s overall inventory on StreetEasy has been down for a year or more and is particularly low now due to seasonality and demand, Wu said.

“Inventories always go down during the winter months, especially after the holidays,” she said. In the week ending Jan. 2, there were 3,933 rentals available in Brooklyn on the StreetEasy site, the lowest amount since the start of the pandemic.

More evidence of Brooklyn’s appeal: A recent report on New York City rentals by real estate appraiser Jonathan Miller for Douglas Elliman showed the borough had the highest number of lease signatures for the month of November 2021 in more than a decade. There was also a 21.3% increase in new lease signings, excluding lease renewals, continuing Brooklyn’s steady increase every year for the 15th consecutive month.

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