With only six available apartments for rent in DUMBO on Streeteasy, renting in the sought-after Brooklyn neighborhood was basically impossible. Until today! Magnolia DUMBO, a 320-unit luxury rental property at 160 Front Street, launches and will be exclusively leased by Douglas Elliman Development Marketing.
The introduction of rental residences in DUMBO couldn’t come at a better time in the market, as inventory is at a historic low and prices continuing to rise. Douglas Elliman has just released their rental market reports, revealing that net effective median rent achieved 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.
The name of the amenity-rich rental building is a homage to the beautiful tree-lined colonnade entrance on Front Street and York Street. Magnolia DUMBO is designed by the renowned Morris Adjmi Architects.
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-bedroom, and $7,100 for two-bedroom residences.
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 bridge and skyline views, a Game Room, with billiards and a large screen console, a Terrace Lounge with its outdoor fireplace, and the Magnolia Lounge. Residents will also have access to onsite Life Time™ Fitness, the largest fitness destination in Brooklyn, which includes an indoor pool with a full-service spa, a full-size indoor basketball court, an expansive fitness floor with multiple movement studios, and a full-service café.
There are also 408 condos at the property known as Front & York, where a buyer just bought a $16M condo – 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.
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