July 20, 2016

Brooklyn Investment Sales Market in Post-421a Purgatory

Feature

The Real Deal

Brooklyn investment sales volume tumbled in the first half of 2016 as the expiration of the 421a tax abatement program exacerbated a cyclical slowdown, according to a new report by brokerage TerraCRG.

About $3.62 billion worth of commercial property deals closed in the borough until June 30 – down 30 percent from a record $5.13 billion during the same period last year.

But brokers are optimistic creatures by nature, and TerraCRG’s founder and CEO Ofer Cohen pointed out that sales were still strong by historical standards.

Read more here.