by Emily Nonko
August 9, 2015 — The value of Brooklyn commercial property sales in the first half of 2015 was more than 50% higher than last year, according to a new market report issued by TerraCRG, a commercial brokerage firm focused on Brooklyn.
The report analyzed all multifamily, mixed-use, development, retail, industrial and office sales in Brooklyn for the past six months.
There were 1,011 transactions worth $5.13 billion, a 61% increase from the first half of 2014, the report said.
According to the report, transactions over $10 million doubled to 113 from 68 in the first half of 2014.
Industrial and office repositioning and residential development sites accounted for the highest sales.
“We have big money chasing big deals in Brooklyn,” said Ofer Cohen, founder of TerraCRG. “We are always getting calls from global and Manhattan investors asking how to get into the Brooklyn market.”
Mr. Cohen pointed to a few big sales of 2015 so far, including a $169 million trade of 236 North 10th St., a 237-unit residential building in Williamsburg. A 280,000-square-foot warehouse at 35 Ryerson St., in Clinton Hill, sold for $105 million.
“These numbers weren’t a shock,” said Mr. Cohen, who has watched the market steadily grow since he started TerraCRG during the 2008 downturn.
“These are the numbers and prices in Brooklyn, and that’s the new reality,” he said.
Read the WSJ article here or via the .pdf file below.