Eye On Real Estate
By Lore Croghan
Brooklyn Daily Eagle
DUMBO has been good to Jared Della Valle.
The architect-developer's company Alloy Development sold out its luxury condo project, the DUMBO Townhouses, at the corner of Pearl and Water Streets for fat prices – and it's not much more than a hole in the ground.
And a former Brillo warehouse at 185 Plymouth St. that's being converted into eight loft-style condos with two new penthouses on top is long sold out as well.
The firm established itself as a DUMBO residential developer with a successful conversion of 192 Water St.
“We love developing in the neighborhood,” said Della Valle, who has lived in DUMBO since 2001 and whose office is at 20 Jay St.
“We see our buyers in the street all the time,” he said. “People know our interest is to produce the best possible product we can.”
The five four-bedroom, three-bath DUMBO Townhouses – with amenities like private parking, a roof terrace, 20-foot parlor floor ceilings, fireplaces and skylights – were marketed in collaboration with Sotheby's International Realty.
“We raised our prices for every townhouse,” he said. “For the last one, the price was almost $5 million.”
The Plymouth Street deals were struck a year earlier at an average price of $1,000 per square foot – and since then, DUMBO condo prices have risen 15%, Della Valle said. That said, the penthouses went for as much as $1,600 per square foot.
The sale closings are expected to take place this spring.
Some bloggers snipe about the views from the John Street side of the Plymouth Street building – which overlooks the Con Ed substation at 89 John St. (and the shoreline).
“It's not for everyone,” said Della Valle, who has a similar view from his office. “It depends on who you are and what's interesting to you.”
It's a visual reminder of the DUMBO he found when he moved there more than a decade ago, when it was a more industrial place.
“It's just part of the urban environment,” he said.
Next on the deck for Alloy is 1 John St., a 42-unit condo project with partner Monadnock Development inside Brooklyn Bridge Park.
Still, he's in the market for more properties in the neighborhood. Like so many other developers, he has made inquiries about buying the mammoth development site at 85 Jay St. that belongs to the Jehovah's Witnesses.
Watchtower executives say it's not on the market now. When will it be?
“Only God knows,” Della Valle said.