In Brooklyn, the total commercial transaction volume year-to-date has exceeded $4.8 billion, marking a $1 billion increase compared to the same period last year. There have been 869 investment sale transactions.
Brooklyn 2024
Third Quarter
Market Report
In 2023, the Brooklyn investment sales market showed a total dollar volume of $5.2 Billion with a total of 1,090 investment sale transactions. The results show a 45% drop in dollar volume and a 29% drop in transactional volume compared to the same period last year. The average transaction size in 2023 was $4.8M which was a 22% decrease compared to the average of $6.2M in 2022.
Brooklyn 2023
Market Report
Last year office buildings dollar sales volume in Brooklyn had increased, but prices were down as distressed office transactions trade at significant discounts. Average price per square foot has dropped 44% where properties such as The Whale building in Sunset Park and 1000 Dean Street in Crown Heights have transacted in 2023 at nearly half the value in years past. Vacancies due to post-pandemic hybrid work scenarios continue to contribute to the devaluation and distress of large office buildings.
Brooklyn 2023
Office
Market Report
Multifamily had over $1.1 Billion worth of building sales in 2023 and saw the lowest average PPSF over the last five years at $293/PSF. However, the 2019 Rent Laws continue to drive demand for free market multifamily deals often creating aggressive pricing on these deals.
Brooklyn 2023
Multifamily
Market Report
here were over $1 Billion worth of Mixed-Use building sales in 2023. Average PPSF of Mixed-Use building sales have seen slow steady growth over the last five years and a 10% increase since 2019. TerraCRG sold 27% of all Park Slope mixed use transactions in 2023.
Brooklyn 2023
Mixed-Use
Market Report
Average $/BSF has been trending upward since 2021 as demand for free-market new construction product remains strong. The expired 421a program has and will continue to stunt the growth of the development market which has been propped up by increased transaction activity for small to medium size sites optimal for boutique condo development.
Brooklyn 2023
Resi Development
Market Report
Retail investment sales in Brooklyn are down 21% comparing 2023 to 2022, however the average transaction price per square foot is up 5% looking back at the last 5 years.
Brooklyn 2023
Retail
Market Report
Looking at industrial transactions over the last 5 years, average price per square foot has been consistent. Demand continues to be strong for small to mid-size industrial buildings and these buildings continue to trade at record pricing.
Brooklyn 2023
Industrial
Market Report
Featured News
January 20, 2015
2014 Brooklyn Market Report – WSJ
Wall Street Journal
January 28, 2016
TerraCRG Releases Annual Market Report: Brooklyn Commercial Sales Market Hits Record-Breaking Year in 2015
New York Real Estate Journal
August 10, 2015
Big Transactions Up in 2015’s First Half
Wall Street Journal
August 21, 2015
Brooklyn Commercial Real Estate Sale Values Up 61 Percent, Reported by TerraCRG
DNAinfo
August 21, 2015
Brooklyn Commercial Sales Rise by $2B
GlobeSt.com
February 11, 2016
Brooklyn Market Expected to Dip as 421-A Tax Program Expires
Real Estate Weekly
July 31, 2013
Brooklyn investment sales up, as demand for development sites and industrial properties jumps
February 11, 2016
Bushwick’s Warehouse Conversions Are Hitting Never-Before-Seen Heights
Commercial Observer