Brooklyn Sales Dipped, Yet Market Still Strong, in 2016

Cohen: “In 2017, we expect the Brooklyn market to continue to stay strong.”

NEW YORK CITY—After a six-year run up in the Brooklyn market, sales volume began to level off this past year, according to the newly released 2016 Year-End Brooklyn Market report from TerraCRG, the exclusively Brooklyn-focused commercial real estate brokerage firm.

However, the market still showed signs of strength. While transactional volume saw a 20% decrease, however, the average price per square foot of properties increased across all asset types. The largest price per square foot increase was in the multifamily sector, which saw a 17% increase from 2015 to 2016 and represented the asset class with the highest dollar volume, totaling over $2.69 billion. Across all asset types, the average transaction size in Brooklyn is now $5 million, up from $1.3 million in 2010.