Brooklyn investment sales plummeted for a second consecutive year, according to a new market report from TerraCRG released today.
The borough’s 1,359 sales in 2017 resulted in $6.32 billion worth of transactions, a 19 percent drop from 2016 when it was $7.76 billion for 1,507 sales. And it was a nearly 34 percent drop from the recent peak of $9.5 billion set in 2015 with 1,895 deals.
Yet the brokerage remained optimistic about Kings County, noting that 2017’s numbers were still above recent prior years ($4.4 billion in 2012 and $5 billion in 2013.)
“2015 was really an outlier year where prices were at peak and there were bigger transactions,” Ofer Cohen, the founder and chief executive officer of TerraCRG, told Commercial Observer. “I think a $6 billion to $7 billion market in Brooklyn is a normal market—it’s not low, its not high.”
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