DUMBO

December’s the move-in date for the first tenants of Walentas’ Dock Street development in DUMBO

Eye On Real Estate

November 5, 2014 By Lore Croghan Brooklyn Daily Eagle
Up on the Brooklyn Bridge, there's a good view of Two Trees Management's new glass-faced apartment building, 60 Water St. Eagle photo by Lore Croghan

Before you know it, tenants will be living in a new apartment building thisclose to the Brooklyn Bridge.

The first residents are set to move into Two Trees Management’s DUMBO rental-apartment development, 60 Water St., this December.

As their arrival time draws near, construction crews continue working at the Walentas family firm’s 290-unit property, which sits alongside the world-famous bridge.

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The 232 market-rate units at 60 Water, long known as the Dock Street project, will be leased in phases. A “couple dozen” of them are being made available in the first phase, a source said. A full-scale launch is expected early next year.

“We have received a great response so far and expect more inquiries when we fully launch,” said the source.


The marketing of the first apartments began in October, Curbed.com reported.

Recent listings on Zillow.com include a studio for $3,054 per month, a one-bedroom apartment for $4,853 per month and a two-bedroom unit for $6,018 per month. Those asking prices are for 13-month leases with the 13th month rent-free.

The developer is handling the leasing in-house, as it does with all its rental properties, instead of hiring a brokerage firm.

The Dock Street development has 58 affordable apartments for low-income residents. Two Trees has been marketing them “aggressively” for more than a year and they’ve garnered “a great amount of interest,” the source said. The rents range from around $500 to $1,000 per month.

When we took a look at 60 Water the other day, workers were attaching slim ornamental glass panels, rather like fins, on the sides of the building.

Even with the new glass ornamentation, the Water Street façade reflects the Clocktower Building at 1 Main St., which the Walentases developed as condos in the late 1990s.

The new apartment property has frontage on Water, Dock and Front streets. In the part that will house a public middle school, interior construction is expected to wrap up around August 2016.

The first tenants’ arrival will be a milestone for 60 Water, which has been more than a decade in the making. It generated controversy before being redesigned so that the tallest part of the building, which is 17 stories in height, is the furthest away from the Brooklyn Bridge.

Tourists visiting the famed span already treat 60 Water like an important part of DUMBO’s skyline. Up on its walkway, some snap selfies with the new building as a backdrop.

From the bridge, a sign with the phone number of Two Trees’ leasing office is visible in a window of the new building.


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