Brooklyn Commercial Sales Rise by $2B
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Cohen: The number of transactions over $10 million almost doubled from 68 in the first half of 2014 to 113 in the first half of 2015.
NEW YORK CITY—The commercial investment sales market in Brooklyn for the first six months of this year easily surpassed activity posted for the same period last year. In fact, King’s County saw a $2-billion increase in sales.
Brokerage firm TerraCRG reports that the 1,011 transactions involving multi-family, mixed-use, development, retail, industrial/office and other properties in Brooklyn totaled $5.13 billion for the first six months of 2015, a 61% increase from the nearly $3.19 billion posted in the first two quarters of 2014.
Ofer Cohen, founder and president of TerraCRG, says the number of transactions over $10 million almost doubled from 68 transactions in the first half of 2014 to 113 in the first half of 2015. The average transaction size in the first half of 2015 rose to $5.08 million from the $3.15 million average posted in the first half of 2014. Multifamily transactions in Brooklyn accounted for more than 38% of the total dollar volume for the first half of 2015, and had the highest number of sales of all asset classes, Cohen notes…
