February 11, 2016

Brooklyn Market Expected to Dip as 421-A Tax Program Expires

Feature

Real Estate Weekly

Commercial property sales in Brooklyn were incredibly robust in 2015, rising to around $9.5 billion in total dollar volume, according to one market study by Brooklyn-based commercial real estate firm, TerraCRG.

In 2015, the report verified a total of 1,895 commercial sales and more than $9.5 billion in commercial property sales in Brooklyn.

“The investments sales market in Brooklyn saw a 10-fold increase in the last six years, from one billion dollars’ worth of transactions at the end of the recession to just under $10 billion last year,” said Ofer Cohen, founder and president of TerraCRG. “Regardless of any short term effect the 421a expiration may have on new residential development of rental buildings – we expect Brooklyn to continue its long term trajectory, with the continued strength of multifamily sales and industrial to office conversion, as new residents and businesses are eager to call Brooklyn their home.”

Read more here.