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Frenzy at Dumbo's 70 Washington Lofts

Symptom: vague sense of long-lived real estate bubble deflating. Cure: throw a Walentas property in Dumbo?howzabout, say, those loft conversions at 70 Washington?on the market. Sure, sounds good. A Curbed correspondent reports from the Land Down Under:

David Walentas and Company started selling 70 Washington St on Friday and out of 257 apts, 140 sold in 3 days! The cheapest apartment in the building is a $485k one-bedroom. Also, after 70 Washington released their pricing, a penthouse apartment in the Sweeney Building across the street raised their price from $3.5 mil to $4 mil. DUMBO real estate is crazy.

How crazy, you ask? Let's let another alert reader fill in that gap: "Wonder if you know what the plans are for the parking lot next to 70 Washington in Dumbo? I understand the Watchtower owns it, but don't know if they would build there given proximity to the 85 Jay St. site. Anyway, about 100 people were willing to plunk down $1mm+ over the weekend for apartments at 70 Washington that could be blocked by construction on the lot."
· 70 Washington Street [Two Trees Management]
· 70 Washington Street in Dumbo: Artists Out, Condos In [Curbed]
· After the Rain in Dumbo [Curbed]