The grocery store Dumbo Market will be coming to the upcoming mixed-use development at 49-20 5th St. in Hunters Point. Photo by VUW Studio
Mar. 29, 2024 By Ethan Marshall
Dumbo Market, a premier grocery store, will be opening in the upcoming Jasper mixed-used development, located at 49-20 5th St., between 50th Avenue and 49th Avenue, in the Hunters Point section of Long Island City.
Dumbo Market signed a lease for an estimated 13,500 square feet of retail space on the ground floor at the $370 million development. The grocery store is expected to open in early 2025, along with the completion of Jasper’s residential space.
Dumbo Market will be moving into Jasper from its location across the street from the development.
This store will offer conventional grocery items, while also including a gourmet market. Among the items to be offered are imported domestic and craft beer, ciders, dairy, produce, fresh meats and seafood, sushi, a bakery, a fresh deli, grab and go selections, hot food and an espresso cafe with pastries.
There will be a section of the market dedicated to seating for patrons to consume food and beverages.
The Jasper complex will be 550,000 square feet and also include 499 residential units. The ground floor, which takes up 40,000 square feet, will have approximately 33,000 square feet dedicated to retail space and 7,000 square feet dedicated to community facility space.
The creation of this mixed-use development represents a joint venture between the real estate developers Domain Companies and the VOREA Group; along with LMXD, an urbanist development and investment platform and Bridge Investment Group, a real estate investment company.
Additional retailers for the ground floor will be announced in the coming months. The retailers are being curated in order to ensure the best way to spread resources out to residents in the building, as well as the neighborhood itself.
“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.”
The 499 apartment rentals at Jasper range from studios to three-bedroom units. A housing lottery will be launched in the future for 150 affordable units. These affordable units will be set aside for those earning 130% of the area median income.
The building will feature multiple outdoor terraces for tenants, a pool, state-of-the-art fitness equipment and classes, a yoga studio, bike storage, multiple landscaped courtyards, a game room, package lockers, personal storage, dedicated outdoor dining and BBQ areas, a residential lounge and demonstration kitchen, co-working space, green roofs and 112 parking spaces.
The development is located half a block away from Gantry Plaza State Park.
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