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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