Brooklyn commercial real estate sees upswing in dollar volume
The Brooklyn commercial real estate market is on the upswing despite inventory being tight, according to The Real Deal.
For the first six months of 2018, the borough had 597 commercial transactions worth a total of $4 billion. This represents roughly a 44 percent increase in dollar volume compared to the last year’s amount, according to a report by the Brooklyn commercial real estate firm TerraCRG. Still, the actual number of deals dropped by 14 percent, “largely because of the available inventory in Brooklyn,” The Real Deal reported.
In other sectors, the borough’s largest increase was in the multifamily market, which zoomed up 113 percent in dollar volume over the last year. This was largely due to Brooksville Company and Rockpoint Group’s $905 million purchase of Starrett City from Starrett City Associates. Still, “even without the blockbuster transaction of Starrett City, we’re still seeing moderate growth,” TerraCRG partner Dan Marks told The Real Deal.
Brooklyn Boro
View MoreNew York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.