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DUMBO--More Than Just a Hip Acronym

NEW YORK CITY-SoHo fever has crept across the river into DUMBO. Two Trees Management Co. is bringing a new kind of waterfront to the city, helped by state and city financial incentives that have brought asking rents to less than $10 per sf.

By Betsy Kraat | Updated on April 25, 2001

NEW YORK CITY-Brooklyn, the borough on the move, celebrated its first Building Brooklyn Awards last week. The ceremony was held in the latest hip acronym, DUMBO, (Down Under Manhattan Bridge Overpass). The newly revitalized area has much to offer–new tech-spec buildings and a stellar view of Manhattan. What’s taken the commercial real estate community so long to recognize this gem?

David Walentas of Two Trees Management, a real estate development firm, asks the same question. “It’s just fantastic down here. The proximity to lower Manhattan, that quintessential view of the Manhattan skyline–plus it’s just a fun place to be.” What makes it even more fun is the financial incentives offered by the city and state to revitalize the area have brought asking rents down to less than $10 per sf. Walentas and his crew have been able to attract retail in unique ways. “We gave many of our retailers a year’s free rent, if not more. It adds value to the neighborhood.”

Why should businesses consider DUMBO, besides killer financial incentives? “It’s a great mixed-use neighborhood, we have buildings with underground parking, high-tech wiring and great infrastructure,” says Walentas. Will tenants buy it?

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