Your Inside Look At Magnolia DUMBO

Last week was the launch of the luxurious, amenity-rich rentals at Magnolia DUMBO today, launching in the midst of one of the hottest rental markets in recent NYC history.

Who doesn’t want to live in DUMBO, Brooklyn? But if you’re renting, it was basically impossible… there were only six available apartments on Streeteasy until the launch of Magnolia DUMBO, a 320-unit luxury rental property at 160 Front Street in the sought-after Brooklyn neighborhood.

With architecture inside and out by the renowned Morris Adjmi Architects, and a name that nods to the beautiful tree-lined colonnade entrance on Front Street and York Street, the property will be exclusively leased by Douglas Elliman Marketing Group. 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 bedrooms, and $7,100 for two bedroom residences.

(There are also 408 condos at the property known as Front & York, where a buyer just dropped $16M on a combo - 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.)

The introduction of rental residences in the sought-after neighborhood couldn’t come at a better time in the market, as inventory is an a historic low and prices continuing to rise. Douglas Elliman just released their rental market reports today, revealing that Brooklyn’s net effective median rent reached 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.

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 iconic bridge and skyline views, a Game Room, with billiards and large screen console, a Terrace Lounge with its signature outdoor fireplace, and the Magnolia Lounge, ideal for private entertaining. They will also have access to onsite Life Time™ Fitness, the largest fitness destination in Brooklyn, which includes an indoor pool with full-service spa, a full-size indoor basketball court, expansive fitness floor with multiple movement studios, and a full-service café.

For more information, check out the teaser at Magnolia-Dumbo.com and the Instagram page @MagnoliaDumbo

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