January 16, 2018

Where Brooklyn at? I-sales volume in the borough tumble for 2nd straight year

Investment sales in Brooklyn have dropped for the second year in a row, according to a new report on the borough from TerraCRG.

Overall commercial transactions in Brooklyn were at about $6.3 billion for 2017, down from about $7.8 billion in 2016 and $9.5 billion in 2015, which TerraCRG CEO Ofer Cohen described as the peak of the Brooklyn market. He stressed that 2015 was a very unique year with several institutional transactions and that the investment numbers for 2017 were in line with what Brooklyn has typically seen recently, indicating a healthy and stable market.

“A year like 2015 doesn’t happen often,” he said, “but if you’re really looking at the last six years in Brooklyn or the last five years in Brooklyn, the volume was somewhere between $5 billion to $7 billion.”

Read more here.