Your Inside Look At Magnolia DUMBO

Last week was the launch of the luxurious, amenity-rich rentals at Magnolia DUMBO today, launching in the midst of one of the hottest rental markets in recent NYC history.

Who doesn’t want to live in DUMBO, Brooklyn? But if you’re renting, it was basically impossible… there were only six available apartments on Streeteasy until the launch of Magnolia DUMBO, a 320-unit luxury rental property at 160 Front Street in the sought-after Brooklyn neighborhood.

With architecture inside and out by the renowned Morris Adjmi Architects, and a name that nods to the beautiful tree-lined colonnade entrance on Front Street and York Street, the property will be exclusively leased by Douglas Elliman Marketing Group. Though subject to change, initial [gross] pricing will begin at around $3,800 for studios, $3,900 for junior one-bedrooms, $4,880 for one bedrooms, and $7,100 for two bedroom residences.

(There are also 408 condos at the property known as Front & York, where a buyer just dropped $16M on a combo - the most expensive ever in DUMBO. To clarify, those are owned by a different entity, but Magnolia DUMBO is owned by RXR, a leading real estate owner, operator and developer in New York City, who just closed on the rental portion for $220 million - one of the largest deals of its kind in the past years.)

The introduction of rental residences in the sought-after neighborhood couldn’t come at a better time in the market, as inventory is an a historic low and prices continuing to rise. Douglas Elliman just released their rental market reports today, revealing that Brooklyn’s net effective median rent reached its fourth-highest rate on record for the month of December. New lease signings rose year over year for the sixteenth consecutive month, and listing inventory fell at its highest annual rate on record.

Residents at Magnolia DUMBO will have access to over 100,000 square feet of amenities space across three levels, including the largest private park in DUMBO, a 23,000 square foot interior park designed by Michael Van Valkenburgh, the award-winning landscape architect of Brooklyn Bridge Park. The Magnolia Club also includes a rooftop pool and resort deck with iconic bridge and skyline views, a Game Room, with billiards and large screen console, a Terrace Lounge with its signature outdoor fireplace, and the Magnolia Lounge, ideal for private entertaining. They will also have access to onsite Life Time™ Fitness, the largest fitness destination in Brooklyn, which includes an indoor pool with full-service spa, a full-size indoor basketball court, expansive fitness floor with multiple movement studios, and a full-service café.

For more information, check out the teaser at Magnolia-Dumbo.com and the Instagram page @MagnoliaDumbo

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A Look At Olympia Dumbo Topping Out

Olympia Dumbo celebrated its topping out last Tuesday (August 3rd) to become the tallest residential building in DUMBO, Brooklyn, at 401-feet and 33 stories. Developed by Fortis Property Group with architecture by Hill West and interiors by Workstead, Olympia Dumbo will feature 76 condominiums and over 38,000 square feet of indoor and outdoor amenities.

Sales are handled by The Eklund | Gomes Team at Douglas Elliman and Karen Heyman of Sotheby’s International Realty.

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What Does $3,000,000 Get You In Brooklyn?

We’ve seen what $100,000 gets you in Brooklyn, not much, but what could you get for $3,000,000 in Brooklyn? Youtube star Eric Conover’s latest video takes you into a home you won’t want to miss out on.

168 Plymouth is made up of two iconic building types with modern penthouse additions above. The Round Arch style Brick & Timber building was erected in 1891 and is connected to the Concrete Daylight Factory which was built as an addition in 1921. There are 46 condominiums in total ranging from one to four bedroom homes.

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Front & York Unveils Nearly-500-Foot Mural Honoring Essential Workers

Front & York, the highly-anticipated mixed-use development in DUMBO, is now home to one of the largest tributes to essential workers in New York City and throughout the United States. 

The project’s developers today unveiled an art installation with New York-based non-profit ArtBridge and pilot program City Canvas. The nearly-500-foot-long mural by artist Misha Tyutyunik was created specifically for the Front & York site in a nod to the rich art heritage of the DUMBO neighborhood and to express gratitude for the thousands of essential workers who have kept New York City running throughout the Covid-19 pandemic. Misha’s vivid mural captures the spirit of perseverance and recognizes the sacrifices that essential workers have made for the greater good, while also paying homage to the DUMBO neighborhood, which has always been a hub for artists and strong art community.    

“We saw our construction fence as an opportunity to bring something creative and meaningful to the  community in collaboration with an inspiring organization like ArtBridge,” said Jason Schreiber, Principal,  Investments of CIM Group, co-developer of Front & York. “This mural expresses our tribute and our thank  you to the essential workers who continue to keep the engine of our city running during these difficult and  unprecedented times.” 

The eye-catching art is the work of Misha Tyutyunik, a DUMBO-based, Ukrainian-born painter, muralist,  street artist, illustrator and virtual reality artist. Misha’s vivid mural captures the spirit of perseverance and  recognizes the sacrifices that essential workers have made for the greater good, while also paying homage  to the DUMBO neighborhood, which has always been a hub for artists and strong art community. 

“I wanted to create a piece that honored the workers who have risked their lives in order to keep New York  City going, while also paying tribute to one of its most iconic neighborhoods: DUMBO,” said artist Misha  Tyutyunik.

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Our Favorite Listing: The $5 Million Dollar Penthouse Listed at 11 Hoyt

This week our favorite listing is the new penthouse residence at 11 Hoyt in Downtown Brooklyn that just listed for $5 million. As you know, 11 Hoyt is a 57-story tower that rises 620 feet and spans almost an entire city block and was designed by MacArthur Fellow Jeanne Gang, founding principal of Studio Gang Architects, with interiors by Michaelis Boyd Associates. 

credit: Binyan Studio

11 Hoyt Penthouse E spans an incredible 2,414 square-feet and features three-bedrooms and three-and-a-half bathrooms. A corner residence, residents of PHE will enjoy stunning southern and eastern views that incorporate the tranquil tree-lined streets of brownstone Brooklyn, the Verrazano Narrows Bridge, and the ocean beyond. 

11 Hoyt offers an expansive collection of over 55,000 square-feet of thoughtfully designed indoor and outdoor amenities. The most distinctive amenity features is an elevated, private park for residents. Built atop a two-story base, the park surrounds the building and is unlike any outdoor space in New York City. Hollander Design envisioned it to be an experiential park with thoughtfully designed outdoor spaces ideal for a wide array of activities including exercise and play, as well as zones for relaxation and contemplation.

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Morris Adjmi's Front & York Tops Out in DUMBO

Front & York has officially topped out, revealing unprecedented, postcard-like views from a new development in DUMBO.

Designed inside and out by renowned architect Morris Adjmi, Front & York will introduce the first opportunity to live in a full-service, luxury urban oasis in DUMBO. With each of its two residential towers now reaching their full height of 21 stories, sweeping views are available of the East River and the entire Manhattan skyline from the Statue of Liberty up to the iconic skyscrapers of Midtown.

credit: Williams New York

An unprecedented offering for the neighborhood, Front & York is bringing new condominium homes, rental residences, transformative new retail and publicly-accessible parking to a formerly vacant lot. Ranging from one- to four-bedrooms and spread across two towers serviced by their own lobbies, the condominium residences at Front & York combine beautiful materials with modern finishes, including 10-foot ceilings, white oak floors and Nest thermostats. Oversized divided-light windows—a hallmark of Adjmi’s contextual style—flood the homes in abundant natural light and frame sweeping panoramas of the waterfront, sparkling Manhattan skyline and the lush private park.

Front & York’s well-rounded offering is complete with one of the most comprehensive amenities packages in all of New York City, spanning 150,000 square feet. The development is centered on one of the city’s largest private parks, a gorgeous, 25,000-square-foot space designed by Michael Van Valkenburg Associates, who envisioned the neighborhood’s beloved Brooklyn Bridge Park. The lush landscaping will provide private green space, a quiet respite and a verdant view for residents. Residents of Front & York will also enjoy a rooftop pool deck; a 77,000-square-foot Life Time, the premier athletic and wellness center; and a full suite of lifestyle and leisure spaces, including a co-working lounge, outdoor screening area, outdoor fireplace lounge, private wine room, private chef’s kitchen with private dining room, toddler and teens rooms and much more. Each residence of Front & York will receive one complimentary Life Time membership.

Ideally positioned, Front & York’s location in the live-work mecca of DUMBO places residents in close proximity to the waterfront, desirable transportation options as well as a variety of major companies’ headquarters. The development is moments from the East River ferry terminal—which offers a five-minute, open-air commute to Downtown and Midtown Manhattan—bike paths and walking paths across the iconic Brooklyn & Manhattan Bridges, and just one subway stop away from Manhattan via the York Street F train subway stop. Front & York offers robust private parking and bike storage, and has been generously set back from the property line, making space for 30-foot-wide, tree-lined sidewalks that maximize pedestrian comfort and create additional space around the development.

Construction on Front & York is being handed by New Line Structures, one of the most preeminent construction management firms in New York City. Pricing for current availability at Front & York starts at approximately $950,000 and initial occupancy is slated for mid-2021.

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Our Favorite Listing: The Most Expensive Home on the Market in Dumbo

Our favorite listing this week is 168 Plymouth, one of the last loft conversions in New York City. Earlier this month, the storied gem of a project in Dumbo, designed and developed by Alloy (the team behind One John in Dumbo), topped out and Alloy listed Penthouse A, which once listed will be the most expensive home on the market in Dumbo.

A full floor with direct elevator entry, Penthouse A will be listed for $6,850,000 and is a 3,062 square foot home that features 4 bedrooms, a study, 3.5 baths, and over 1,565 square feet of outdoor space spread across 3 distinct outdoor spaces (terrace, courtyard, and roof deck). The penthouse sits on top of one of the two historic buildings that compromise 168 Plymouth originally built by Masury & Sons Paintworks in 1891 and 1921 to house their manufacturing and distribution facilities.

“Penthouse A sits above the Concrete Daylight Factory structure which was originally built by Masury & Sons Paintworks in 1921. The design features oversized windows, restored columns with 12’ plus ceilings and wide white oak flooring throughout. Alloy’s considered design features a mix of modern materials and warm finishes that meld timeless craft with modern technology. One of a kind glass windows on the first floor of Penthouse A open onto a large terrace perfect for taking in the surrounding views, not to mention the rooftop terrace on the second floor of Penthouse A which provides stellar views of the East River and the Manhattan Bridge." Jared Della Valle, CEO and Founder of Alloy Development

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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Our Favorite Listing: Stunning Dumbo Penthouse on Sale for $6,395,000

Our favorite listing this week is 1 John Street is a stunning penthouse in Dumbo’s premier, multi-award winning boutique condominium. This light-filled corner residence boasts 2,539 SF interior/ 700 SF exterior space. Light pours into this 4 bedroom, 3.5 bathroom penthouse from three exposures by 22 oversized, motorized windows. There is also an option to purchase the apartment just below to create the ultimate in luxury, a duplex penthouse totaling 5,176 SF. Architect plans that illustrate various combination are available by request. The penthouse is on sale for $6,395,000.

The penthouse has a generous open layout, integrated speakers throughout and a Creston lighting and shade system. The kitchen features a Basaltina stone counter, a wall of integrated full height Italian cabinetry by RiFRA with Gaggenau appliances, a Bosch dishwasher, vented ceiling hood and wine fridge. The living room is planked by a ventless eco-fireplace and sliding glass doors that completely open to a glass enclosed courtyard which offers the ultimate indoor-outdoor living experience.

There is also a private roof deck complete with a gas grill and breathtaking views of the entire Manhattan skyline. Back downstairs, just beyond the entertaining space is currently a media room closed off by glass pocket doors, this can easily be converted to fourth bedroom. Past the powder room, farther down the hallway, are the private sleeping quarters. The master suite on the South/East corner features double exposures, a large outfitted walk in closet by California Closets and a spacious windowed bathroom with Dornbracht Fantini fixtures, white lacquer vanities, double shower heads and upgraded tile by Mutina. A laundry room complete with an LG washer and vented drier, two more generously sized and bright bedrooms complete the wing - one bedroom has a full bathroom across the hall and the other has an en-suite bath that is also outfitted with tiles by Mutina.

Amenities include a 24/7 doorman, lobby lounge with indoor and outdoor seating, gym designed by la Palestra, landscaped roof terrace with grill, bike storage and the prestigious LEED Gold Certification. Additional Storage and a parking spot around the block is also available for purchase.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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