NEW YORK CITY—The Brooklyn commercial sales market continued itstorrid pace in the second half of 2015, resulting in arecord-setting sales volume in excess of $9.5 billion in sales forthe year.

Brokerage firm TerraCRG in its sixth annualyear-end market report states that commercial dollar sales volumein 2015 rose 39% from $6.85 billion in 2014 to more than $9.5billion last year. The firm verified a total of 1,895 commercialsales in Kings County in 2015.

"The investments sales market in Brooklyn saw a 10-fold increasein the last six years, from $1-billion worth of transactions at theend of the recession to just under $10 billion last year," saysOfer Cohen, founder and president of TerraCRG."Regardless of any short term effect the 421a expiration may haveon new residential development of rental buildings—we expectBrooklyn to continue its long term trajectory, with the continuedstrength of multifamily sales and industrial to office conversion,as new residents and businesses are eager to call Brooklyn theirhome."