Brooklyn commercial sales stay strong

The Brooklyn market continued to show strength in 2010, with 778 commercial sales totaling over $1 billion, according to commercial brokerage TerraCRG’s year-end report. “This volume represents no significant change from 2009’s trading levels in the borough,” said Ofer Cohen, founder and president of TerraCRG. “After two years of volume decline, that’s good news and shows that the market is finally stabilizing.” Sales of multi-family buildings represented almost half of the dollar volume in 2010, the report shows. The highest number of transactions took place in the Williamsburg/Greenpoint areas and the Bed-Stuy/Bushwick/Crown Heights sections. The highest priced commercial sale in 2010 was the Magic Johnson-financed rental building Viridian at 110-130 Green Street in Greenpoint that sold for $58 million in bankruptcy in December, Cohen said. The highest-priced retail building sold was 490 Fulton Street in Downtown Brooklyn, which sold for $46 million. TRD