July 22, 2019

Brooklyn Dealmaking Falls $1.3B on Rent Law Woes

Commercial Observer

Commercial real estate transactions in Brooklyn dropped to $2.7 billion in the first six months of the year, a roughly $1.3 billion drop from the first half of 2018 that was driven by a plunge in trades ahead of June’s rent-stabilization laws, according to an analysis from Brooklyn-based brokerage firm TerraCRG.

“The majority of the multifamily transactions in Brooklyn are rent-stabilized,” Ofer Cohen, founder and President of TerraCRG, said to Commercial Observer.Investors, anticipating the law changing without knowing what the result of the vote would be, did not want to make that much of a commitment to that asset.”

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