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Real Estate Developers Seal $50M DUMBO Deal

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They call Brooklyn's DUMBO (District Under Manhattan Bridge Overpass, a once-industrial neighborhood) trendy. And now, two developers are calling it profitable. Alloy Development and The Davis Cos. have acquired 42 and 50 Jay St. from Phoenix House for $52.3 million. Their plan is convert them into luxury condominiums. (Photo Credit: Shutterstock)

They call Brooklyn’s DUMBO (District Under Manhattan Bridge Overpass, a once-industrial neighborhood) trendy. And now, two developers are calling it profitable.

Alloy Development and The Davis Cos. have acquired 42 and 50 Jay St. from Phoenix House for $52.3 million. Their plan is convert them into luxury condominiums.

According to Crain’s New York, the site – henceforth known as 168 Plymouth St. – will include 46 expensive apartments, and is scheduled to be finished by 2021.

“We’ll restore the exposed brick and timber—which with the ceiling heights will give the apartments a beautiful loft feel,” A.J. Pires, president of Alloy Development, told Crain’s. “The two buildings create an interesting mix of apartment types.”

According to GlobeSt.com, the buildings are “two of the last remaining, classic industrial lofts in DUMBO, Brooklyn. The new owners will convert them into a single, 46-unit residential structure renamed 168 Plymouth St. A private courtyard will connect the buildings that will house townhouses, lofts and penthouse units.”

“As long-standing residents and members of this community, we look forward to embarking on this new project that celebrates DUMBO’s unique character,” Jared Della Valle, CEO and co-founder of Alloy Development, told the news site.

Dumbo’s cobblestone streets and converted Brooklyn warehouse buildings are the backdrop for independent boutiques, high-end restaurants and trendy cafes. Near the waterfront, St. Ann’s Warehouse, in a former tobacco factory, is the heart of a thriving performance and gallery scene. The north end of Brooklyn Bridge Park features historic Jane’s Carousel as well as picturesque views of the Manhattan skyline.

Other recent transactions also speak to the neighborhood’s growing popularity. Clase Azul, an artisanal tequila and mezcal company, “signed a lease for 5,000 square feet at Jayat Realty Corp.’s 65 Jay Street in Dumbo, Commercial Observer has learned,” according to Commercial Observer. “Chris Havens of TerraCRG brokered the deal for Clase Azul, which is based in the Jalisco region of Mexico, and distributes their product globally. The landlords, Joshua Guttman and Vera Guttman, represented themselves.

The loft space, in the 16,000-square-foot warehouse at the corner of Jay and Water Streets, will be used for offices and client services, according to a release from TerraCRG, and is close to two of the company’s biggest clients, 1 Hotel Brooklyn Bridge and Soho House. The deal was signed at $40 per square foot for 10 years, per the release, the Observer noted.

In addition, New York YIMBY has reported that the project located at 85 Jay Street has officially been dubbed “Front and York.” “Bound by Front Street and York Street in DUMBO, Brooklyn, the 1.1 million square foot residential complex will soon sprout from what was one of the neighborhood’s last and largest undeveloped lots. The new building, with retail shops on the ground floor and a mixture of condominiums and rentals above, is designed by Morris Adjmi Architects, and is being developed by CIM Group and LIVWRK.”

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