Megalith refashions historic DUMBO site into premium condos and affordable houses

What was a desolate spot in the heart of Brooklyn has now become one of plushest residential spaces in NY. Way before the popular acronym DUMBO (Down Under the Manhattan Bridge Overpass) was coined, the quietude of the area drew the creatively inclined and those looking out for cheap rented accommodations. But all that is in the past now. Today, DUMBO is anything but cheap.
With a teeming waterfront just around the corner and with city's upcoming media and tech hubs in its folds, DUMBO has got a stunning view along with strategic locational advantages. It is also a popular tourist hotspot with its post-industrial architecture standing tall against the backdrop of Manhattan skyline, perfectly framed by the Brooklyn-Manhattan Bridge.
Thus, with median sales price deviating above $1.5 million and as developers turn some of the last remaining space into luxurious condos and premium retail spaces, it's certainly going to get tougher to steal some space for your dream house in the stellar location.
Or maybe not!
Thanks to Megalith Capital Management's new condo project that's coming up in the heart of DUMBO, there is still scope for a luxury residence at reasonable prices.
Bhanu Choudhrie and Samvir Sidhu's Megalith Capital Management, partnering Urban Realty Partners, is refashioning two former Jehovah's Witness properties and an old Brillo factory in Dumbo into premium residential accommodations. Two years ago, when Landmarks gave its nod, the project bred plans to erect a new 12 story rental building and do a luxury condo conversion; now the two buildings are slowly taking shape and construction is expected to culminate by 2016.

The new address is 200 Water Street and the key highlight is a select portfolio of gallery-styled residences, each of which will sport a personal terrace. The freshly repointed brick façade along with newly done interiors lends it an old-city charm along with a warm touch of luxury. The rear panel of the building has been torn down completely and a steel frame stands in place to support the two-storey glass addition on top of four-storey warehouse.
Affordable housing project and rental units are coming up just next doors at 177-183 Front Street. A 12-story apartment building is to be erected in place of a low-slung warehouse, which will have 105 rentals consisting of one-, two- and three-bedrooms.
Megalith Capital, a New York based urban real-estate owner and developer, was instituted in 2009 and since then it has amassed an impressive portfolio of assets valuing close to $200 million. With a few exceptions in Texas and California, the firm primarily focuses on having its footprint in the New York City.