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DUMBO Studio Rents Soar Above $3K, Topping SoHo, Chelsea and UES

By Janet Upadhye | November 13, 2013 9:32am
 The average studio rental rates jumped 6.7 percent in the last 30 days to $3,145 a month.
The average studio rental rates jumped 6.7 percent in the last 30 days to $3,145 a month.
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DUMBO — DUMBO studio prices have reached an all-time high.

Monthly studio rental rates in DUMBO rose from $2,948 to $3,145 in the last month, outpricing both doorman and non-doorman studios in Battery Park City, Chelsea, the Financial District, Gramercy, Harlem, the Lower East Side, Midtown East, Midtown West, Murray Hill, SoHo, the Upper East Side and the Upper West Side, according to a report published by MNS Real Estate.

"This is monumental," said MNS CEO Andrew Barrocas. "I have been watching studio rental rates rise in DUMBO for three years and I am so excited that they finally surpassed the $3,000 mark."

DUMBO studio prices beat out Manhattan's studios by hundreds of dollars in many cases. The average price for a studio in Chelsea is $2,886 for non-doorman buildings and $2,961 for doorman buildings, while non-doorman buildings on the Lower East Side average $2,319 and doorman buildings average $2,793. The average studio price in Harlem for a doorman building is $1,864 per month.

Barrocas said that many people attribute DUMBO's rising rents to its proximity to Manhattan. But he has a different take on DUMBO's appeal.

"It is all about the community there," he said. "Residents have done an amazing job at curating spaces and building a community that loves where they live and stay."

To view MNS Real Estate's full October report click here.