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Brooklyn-based grocery store signs lease for 13,500 square feet of space at LIC mixed-use development

Rendering by S9 Architecture

May 6, 2024 By Ethan Marshall

The local grocery store Dumbo Market has signed a lease for approximately 13,500 square feet of space at Jasper, a $370 million mixed-use development in Long Island City.

Located at 2-33 50th Ave. in the Hunters Point neighborhood, the new Dumbo Market location, along with the rest of the development, is expected to open in early 2025.

It was first reported at the end of March that a Dumbo Market would come to the Jasper development. The signing of the lease now makes the inclusion official.

While there is currently a Dumbo Market located across the street from the Jasper site, it will be moving from that location once the project is completed.

Rendering by VUW Studio

The Jasper project spans approximately 550,000 square feet along the entire block front along 5th Street, between 49th Avenue and 50th Avenue. In addition to offering Dumbo Market, the development will have 499 units. These apartments will vary in size from as small as studios to as large as three-bedroom units. Of the 499 units, 150 of them (30%) will be set aside as affordable units for those earning 130% of the area median income (AMI).

Rendering of 2-33 50th Avenue. Rendering by S9 Architecture

Among the amenities that will be at this development are a pool, a fitness center/yoga studio, a game room, outdoor dining areas, outdoor barbeque areas, bike storage and coworking space. There will be 112 parking spaces available there as well. It is also located in close proximity to multiple green spaces, including Gantry Plaza State Park, and the 7, E, N, G, W, R and F train subway lines.

The Jasper project is a joint venture between real estate developers Domain Companies and the VOREA Group; along with the urbanist development and investment platform LMXD and the real estate investment company Bridge Investment Group. S9 Architecture are the architects of the development.

“With each of our projects, we strive to build holistic environments where communities have everything they need to thrive,” Domain Companies CEO Matt Schwartz said. “Welcoming Dumbo Market to Jasper will offer a premier amenity for everyone who calls Hunters Points their home. Access to fresh, nutritious food is a pillar of healthy communities, and Dumbo Market is an excellent way to bolster wellbeing in the neighborhood.”

In addition to its Long Island City location, Dumbo Market has two Brooklyn locations. Another location is also coming to Hoboken, New Jersey in the near future.