Brooklyn's DUMBO makes its debut at brokerage soiree.

Commercial space in Manhattan may be freeing up, but if you are looking for something affordable, your best bets still lie in the outer boroughs.

That's where DUMBO (Down Under the Manhattan Bridge Overpass) comes in. According to the neighborhood's developer, Two Trees Management Company, and its leasing agent, Newmark & Company Real Estate, with rents of $25 per SF, a growing residential and retail community, tax-break inducing outer-borough status, and easy access to Wall Street, DUMBO is the perfect alternative to overpriced and overpopulated Manhattan. And its location gives it among the best views in the city.

At a cocktail reception celebrating the renovation and rehabilitation of two DUMBO office buildings --55 Washington Street and 45 Main St. -- Barry Gosin, president of Newmark & Company, expressed his trust in the potential of the up-and-coming community.

"This area is really a neighborhood," he said "Retail tenants are moving to DUMBO, we have a world-renowned chocolate maker here, we have [first class] restaurants, we have been converting buildings into high-end condominiums. It's important to know that in December the City passed what is called the Outer Borough Legislation. It provides a $2.25 tax break for every square foot rented in DUMBO. So, in all of the buildings where we are asking $25 per SF, the tenants are really paying $5 per SF."

In addition, the City plans to start the development of a $150 million water-front park in the area, with construction scheduled to begin in May of this year.

According to David Walentas, president of Two Trees Management, DUMBO was always his first choice.

"I guess for 2.0 years, I was the 'Dumb' in DUMBO," he said. "At least a lot of people thought so, because I took space here. But I fell in love with the neighborhood. We have retail here, next year we are planning to increase the [the number] of residential condos. Over the next three or four years, DUMBO will really rise into a mixed-use district of the highest division. It's like we have SoHo and NoHo, and now we have DUMBO."

According to John W. Brierty, Newmark's associate director and the exclusive leasing agent for the neighborhood, "It really has a 24-hour vibe."

"We have 300 residential units, a theater, several restaurants, high-end retail, high-tech firms," he said. "This has always been an artist's community and as soon as you enter it, you really have the feeling of a vibrant neighborhood."

After the reception, which took place Apr. 17 at 45 Main St. in Brooklyn, the guests were invited to take a walk around the building, which featured high floor-load capacity, oversized operable windows, state-of-the-art infrastructure and a priceless view.