Just like the rest of New York City, investment sales in Brooklyn took a significant hit last year. But there were some bright spots, with retail, office and industrial markets experiencing gains amid the overall slump. PxHere The Brooklyn Bridge
In total, investment sales dollar volume in the borough hit approximately $6.3B in 2017, a roughly 19% decrease from the year before and around a 40% drop from 2015, according to TerraCRG’s 2017 Brooklyn market report, released Tuesday morning. The number of transactions hit 1,359, a 10% year-over-year drop.
Conversely, the dollar volume for retail sales jumped by 23% to hit $349M. The industrial/office market had a record year, with dollar volume increasing by a whopping 52% year-over-year from $787M to $1.1B.
“We’re sort of back to the same level that we saw in 2013 and 2014,” said TerraGRG founder Ofer Cohen of the overall Brooklyn market. “2016 and 2017 felt slow, but when you look at the macro, it’s a very healthy, stable, strong market.”
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