January 21, 2020

Brooklyn i-sales see biggest drop since financial crisis

Brooklyn’s multifamily-heavy investment sales market had a tough year in 2019, thanks to new rent laws and new development.

The total dollar volume of commercial property sales in the borough declined by more than 30 percent year over year to $5.1 billion, the Wall Street Journal reported, citing data from TerraCRG. This was the largest decline since the financial crisis, and was driven by a 56-percent drop in apartment-building sales.

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