DUMBO seeing a slew of new development

Martin Nussbaum, principal at Slate Property Group, which along with Adam America, is developing 51 Jay Street, agrees that inventory in Dumbo is tight.

“I happen to think Dumbo specifically is one of those tighter markets, in terms of the ability to generate projects,” he said, noting that it’s size and zoning don’t allow for as many new developments. “I think the potential supply for long-term is pretty insignificant in comparison to demand.”