May 4, 2023

Real estate transactions slow in Brooklyn

In the first quarter of 2023, 245 investment properties traded hands in Brooklyn, totaling $1 billion.

Residential developments accounted for the highest dollar volume among asset classes with $294 million worth of transactions in the New York City borough, according to a report by brokerage TerraCRG. The largest sale was Rockrose Development’s purchase of St. Francis College’s Brooklyn Heights campus — five buildings including 172–180 Remsen St. — for $160 million.

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