That’s Water Street, Brooklyn, Not Water Street, Manhattan

DUMBO may not have a lot of amenities, but it is home to a rising number of lawyers:

“We’re getting more conventional tenants,” said Chris Havens, director of leasing for Two Trees Management, the area’s main property owner. “Four years ago we had two law firms. Now, we have eight. Though some of the firms moving here have a little bit of edge and are a little more informal.”

Of Dumbo’s 1.5 million square feet of commercial space, roughly half is rented by artists and the rest is now being used for office space, Havens said. “We’re still renting to artists. The change is that these are people who are selling art.”

Court Street has hundreds of attorneys, Havens said. “Costs are really going up there. So, if they’re not running back and forth all day to court, then they can come down to us.”

Three financial firms recently leased space at 45 Main St., including a consulting group that has offices in Lower Manhattan, an investment banking firm with offices in Rockefeller Center and a Brooklyn Heights-based asset management company. Also, a Scandinavian bank opened backup trade space.

“That wouldn’t have happened five years ago,” Havens said. “The buildings weren’t as renovated. Dumbo didn’t have the reputation.”

Location Scout: DUMBO.