Real estate deals increase in dollar value, but transactions are fewer

January 25, 2019 By Raanan Geberer Brooklyn Daily Eagle

Investors poured close to $2.2 billion into Downtown Brooklyn last year, according to a new report. Eagle photo by Lore Croghan

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Real estate deals in Brooklyn, like those in the city as a whole, increased in dollar value last year.

The borough saw approximately $7.4 billion in deals. This was a 15 percent increase from 2017, according to The Real Deal, which cited TerraCRG’s annual report on Brooklyn. Transaction volume, however, saw a 12 percent drop from 2017, meaning that fewer deals were made.

Downtown Brooklyn saw the most activity by dollar volume, with about $2.2 billion in total. However, Central Brooklyn was the region that had the highest number of transactions at 233, according to The Real Deal.

The biggest deal of the year in Brooklyn was the $870 million sale of 1155 Pennsylvania Ave. in East New York, part of the huge Starrett City Development. Starrett City Associates sold the building to Brooksville Company and Rockpoint Group. The second largest was the $303 million sale of 100 Ferris St. in Red Hook, which UPS purchased from the Sitex Group.