Real estate investors continue to bet on the future of Gowanus
Commercial real estate investors continued to bet on the future of the Gowanus section of Brooklyn in 2014, buying 38 development/industrial/garage properties valued at $168.86 million, a 123 percent increase in dollar volume from the year before, according to research compiled for Ariel Property Advisors’ Brooklyn 2014 Year-End Sales Report.
Prices in Gowanus rose year-over-year with the average price per square foot for industrial/garage properties increasing 89 percent to $504. Residential development sites are consistently seeing values above $250 per buildable square foot.