Hw Assignment #3: Two Trees 1) Continue organic growth in Dumbo – Rent vs. Sell? Walenta should continue organic growth in Dumbo. I believe that he should rent the space that he has this way he continues to have a foot in the neighborhood as it expands. As we know living in Manhattan has become very expensive and people are going right over the bridge to re-establish themselves and their business. It would be critical for Walenta to stay in Dumbo and continue to have an effect in the expansion of the neighborhood homes/businesses. 2) Develop a new neighborhood.
I believe there is much potential in Red Hook and Walenta should develop a new neighborhood there. It has the same industrial/neighborhood feel that Dumbo has. This neighborhood has the potential to become like Dumbo and possibly even greater. The neighborhood is slightly larger than Dumbo and he would be able to buy and expand more. 3) Become partner in tenant’s businesses. As a fall back he should decide to partner up with a couple of tenant’s businesses. As we know, the real estate industry has gone through many ups and downs in the last few decades.
It is important for him to have something else to fall back on. The only thing he would have to consider is that if he decides to enter into these businesses if real estate does go down the businesses might slow down as well. 4) Encourage establishment of new businesses in Dumbo. Establishment of new businesses should be encouraged in Dumbo. It is definitally an up and coming neighborhood. People who don’t want to spend the money in the city look to come over the bridge to spend a little less and still have the same quality and feel.
Also as more people move in the more new businesses are needy. I believe that another big reason people are coming to Brooklyn because it allows them to live the city life but also have a community feel, something that is hard to come by in NYC. NYC is very overcrowded and many of the neighborhoods don’t have a community feel because of this. Brooklyn has the space and ability to make the neighborhood feel like a community. Small businesses will attract these city goers looking for a homey feel with the quality of life like that in the city.
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