Brooklyn’s investment sales market was resilient, faring better than the broader NYC market, despite headwinds from an unprecedented pace of interest rate increases and the expiration of Affordable New York (AFNY). Investment Sales volume in Brooklyn is at near peak levels, posting the second highest dollar volume since 2015 with over $9B of transactions in 2022.

Ofer Cohen, Founder & CEO

2022 was a record year for Multifamily rent growth and investment sales volume, which increased 70% compared to 2021. Despite a banner year for Multifamily assets, rising interest rates in the second half of 2022 coincided with an 8% drop in total Multifamily transaction volume in the second half of the year compared to the first half. Multifamily asset pricing also fell off in the second half of 2022, with the average price per unit dropping to $342k, compared to $395k in the first half of 2022.

Matt Cosentino, Partner

Brooklyn 2022
Multifamily
Market Report

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Investors demand for mixed-use assets was remarkable despite challenges with price discovery and high interest rates. Total transaction volume increased 18% year-over-year and decreased 22% in the second half of 2022 compared to the first half of the year. Over $1B worth of mixed-use assets traded hands this year in the greater downtown area, highlighting sustained demand for retail and ” multifamily assets that offer a live-work-play dynamic in transit corridors.

Daniel Lebor, Partner

Brooklyn 2022
Mixed-Use
Market Report

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$934M of Residential Development Sites were sold in 2022, representing a 13% decrease in transaction activity compared to 2021. The expiration of the Affordable New York 421A tax abatement and the increase of the construction loan index rate (SOFR) from .05% to 4.31% lead to a 39% drop in total transaction volume in the second half of the year.

Ofer Cohen, Founder & CEO

Brooklyn 2022
Resi Development
Market Report

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Retail investment sales volume increased 42% year-over-year but fell 42% in the second half of 2022, compared to the beginning of the year. The decrease in transaction volume in the second half of the year comes amidst lenders becoming more selective on lending in this sector.

Matt Cosentino, Partner

Brooklyn 2022
Retail Market Report

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$1.26B worth of Industrial assets traded hands in 2022, representing a 43% year-over-year increase. The Brooklyn Market remains undersupplied with a sub 2% vacancy rate. However, the dollar volume fell off by 64% in the second half of 2022 with rising rates and uncertaintysurroundingtheleasingstrategyofe-commercetenants.

Dan Marks, Partner

Brooklyn 2022
Industrial
Market Report

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The transaction volume of Special Use assets increased 13% year-over-year. Despite the uptick in transaction volume this year, dollar volume activity dipped 26% in the second half of 2022 compared to the first half of the year.

Daniel Lebor, Partner

Brooklyn 2022
Special Use
Market Report

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Total Office dollar volume increased 148% year-over-year. This increase was due to three transactions (9-11 Metrotech, 3 Metrotech and 6010 Bay Pky) which totaled 71% of Office dispositions. Office transaction volume was the lowest of all asset classes with vacancy rates in Brooklyn hovering around 19.4%

Dan Marks, Partner

Brooklyn 2022
Office
Market Report

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Featured News

January 20, 2015

2014 Brooklyn Market Report – WSJ

Wall Street Journal

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January 28, 2016

TerraCRG Releases Annual Market Report: Brooklyn Commercial Sales Market Hits Record-Breaking Year in 2015

New York Real Estate Journal

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August 10, 2015

Big Transactions Up in 2015’s First Half

Wall Street Journal

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August 21, 2015

Brooklyn Commercial Real Estate Sale Values Up 61 Percent, Reported by TerraCRG

DNAinfo

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August 21, 2015

Brooklyn Commercial Sales Rise by $2B

GlobeSt.com

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February 11, 2016

Brooklyn Market Expected to Dip as 421-A Tax Program Expires

Real Estate Weekly

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July 31, 2013

Brooklyn investment sales up, as demand for development sites and industrial properties jumps

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February 11, 2016

Bushwick’s Warehouse Conversions Are Hitting Never-Before-Seen Heights

Commercial Observer

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