May 4, 2023

Investment Sales Drop By Almost Half in Brooklyn in First Quarter

The dollar volume of Brooklyn’s real estate investment sales plummeted by nearly half in the first quarter of 2023 compared to last year, according to a new report from brokerage TerraCRG.

Brooklyn saw sales drop 49 percent compared to the same time last year — from $2.07 billion to $1.05 billion — and decline 47 percent quarter-over-quarter, as higher interest rates, inflation and a slowdown in lending cooled investor appetite for the borough’s buildings.

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