With a median sales price close to $2 million, Dumbo, Brooklyn, routinely finds itself on lists of the New York City’s most expensive neighborhoods. One developer is hoping to counter that trend by building condos that are lower in price than those typically sold in the area.
The developer, Hope Street Capital, believes that those working at companies in Dumbo who cannot afford to pay average Dumbo prices will be eager to buy units at 98 Front Street, where studios will start at $595,000 and one-bedrooms at $795,000.
“What we’re doing is intentional,” said Sha Dinour, a partner at Hope Street Capital. “We looked at what’s underserved in Dumbo, and it’s homes available for under $1 million.”
Many of the listings in the neighborhood tend to be for larger apartments, with two or more bedrooms. This building will have many studio and one-bedroom units, but with more than 100 layouts, it will cater to a variety of likely buyers; Mr. Dinour expects they will include single people, couples and families with children.
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