Dumbo Real Estate

ap-dumbo-real-estateJust a short stroll across the historic Brooklyn Bridge from Manhattan is the neighborhood local residents named Dumbo. Dumbo real estate got its name from the acronym for “down under the Manhattan Bridge overpass,” in recognition of its location between the Brooklyn Bridge and Manhattan Bridge.

Before the construction of the Brooklyn Bridge ferry service operating from a terminal on Fulton Street provided the link between Manhattan and Brooklyn. The rest of the area was primarily warehouses and factories until the area changed with the construction of the Brooklyn Bridge.

The 1970s brought an influx of artists and young professionals who were attracted to the loft spaces available in the old warehouses. Development of the area also brought people looking for a place to live that offered spectacular views of lower Manhattan and the East River, but without the steep prices associated with the lower Manhattan real estate market.

This popular Brooklyn neighborhood was designated as an historic district by the City of New York, and is considered one of the premier arts communities in the City. Outdoor art shows and exhibits are common events in Dumbo. The former ferry terminal on Fulton Street is now restaurant row, with a wide variety of culinary fare to satisfy any taste.

Dumbo real estate features high-rise cooperative apartments, condominiums and rental apartments. sharing cobble stone streets with art galleries, old warehouses, ample shopping and restaurants. The popularity of the area has created a demand for residential properties in Dumbo in recent years, resulting in rising home prices.

According to local lore, several years ago the local art community thought the way to keep developers away from Dumbo real estate would be to give it the odd sounding name of Dumbo. Fortunately, a walk through Dumbo today proves their plan did not work.

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