The first quarter was a rough one for Brooklyn’s real estate market, with the impact of the pandemic and low supply contributing to drops in dollar and sales volume, according to a report from brokerage TerraCRG.
The borough saw about $619 million worth of investment sales across 206 transactions, respective declines of 59% and 22% compared to the first quarter of 2020, most of which took place before Covid-19 upended real estate in the city. Both figures were also down compared to those in the fourth quarter of 2020, with dollar volume declining by 60% and transaction volume declining by 18%, the report says.
Sales were down across all different property types, and the decline was especially steep in the retail sector, where year-over-year dollar volume fell by 82% from $236 million to $43 million. Industrial-office dollar volume likewise dropped by 77% from $164 million to $38 million, and residential volume dropped by 70% from $271 million to $82 million, according to the report.
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