Brooklyn commercial real estate investment sales tops record
Multifamily home market had strongest year in 2022 to date, Williamsburg, Gowanus hot spots grow
Brooklyn saw a 28% year-over-year increase in investment sales to just over $10 billion in 2022, the first time ever the borough has cracked the $10 billion mark in dollar volume and surpassing the previous record of $9.19 billion from 2015, according to Ariel Property Advisors 2022 Brooklyn Year-End Commercial Real Estate Trends report.
Transactions in the borough also increased 20% from the previous year to 1,226.
“Institutional money helped play a major role in the Brooklyn market, as 2022 finished the year with 16 transactions of $100+ million, nearly doubling the nine from 2021,” said Ariel Partner Sean R. Kelly, Esq. “Additionally, several asset classes saw record highs in pricing, and the Multifamily & Industrial/Warehouse classes specifically had their best year ever in terms of dollar volume.”