Brooklyn, New York's Dumbo neighborhood experiencing construction boom as rezoning, strong demand for housing take hold; Toll Brothers proceeding with 65-unit condo project expected to be priced at around US$800/sq. ft.

LOS ANGELES , May 26, 2011 () – Brooklyn's Dumbo neighborhood is experiencing a construction boom as rezoning and a strong demand for housing take hold in the neighborhood, The Real Deal reported May 23.

Alexandria Sica, executive director of the Dumbo Improvement District, said there are around 3,600 people currently living in the area. However, with new housing developments sprouting up across the area, she expects there to be 4,000 by the end of 2011.

According to the Wall Street Journal, Toll Brothers is proceeding with a 65-unit condominium at 205 Water Street in the neighborhood. Construction is slated to finish in 2012 with apartment prices averaging about US$800 per square foot.

The primary source of this article is The Real Deal, New York, New York, on May 23, 2011.

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