Brooklyn commercial sales top $5B in 2013: report

New York /
Jan.January 21, 2014 02:20 PM

Commercial sales in Brooklyn boomed in 2013 and increased a whopping 393 percent over the last four years, according to commercial brokerage and advisory firm TerraCRG’s fourth-annual Brooklyn sales report.

A total of 1,955 commercial sales were completed in the borough of Kings in 2013, with $5 billion in sales — a 15 percent increase in dollar volume from 2012, according to the report. The largest year-over-year dollar-volume increase was in the industrial/office asset class, which doubled from $323.9 million in 2012 to $761.8 million in 2013, the data show. Overall, the Downtown Brooklyn/Park Slope “region” had the borough’s highest dollar volume, with sales up 67 percent to $1.5 billion from last year.

Multifamily buildings snagged the highest total dollar volume for the year, hitting $1.6 billion in trades and a total of 663 transactions, while a total of 596 mixed-use building transactions were completed in 2013, with a total consideration of $713 million — a 27 percent increase in transaction volume and 49 percent jump in dollar volume from 2012. The average transaction was for roughly $1.2 million, according to the report.

A total of 118 retail transactions totaling roughly 1.2 million square feet brought in a total of approximately $519 million — a 56 percent drop due to the $751 Million Kings Plaza trade in 2012, according to the report. Sales of residentially-zoned vacant land hit 221 transactions, totaling more than 5.3 million buildable square feet, and a total of $673 million, while sales of commercially-zoned industrial and office buildings totaled more than 3.9 million square feet. — Julie Strickland


Related Articles

arrow_forward_ios
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
(iStock)
Job recovery sputters, but hospitality & leisure add hiring
Job recovery sputters, but hospitality & leisure add hiring
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
Andrew Yang (Getty, iStock)
Yang targets vacant lots with $900 million tax plan
Yang targets vacant lots with $900 million tax plan
Ron Burkle and Andrew Zobler with The NoMad New York. (Google Maps, Getty)
NoMad Hotel heads back to the auction block
NoMad Hotel heads back to the auction block
Donald Trump and 40 Wall Street (iStock, Sterlfilms/Wikimedia)
40 Wall’s valuation chop means tax savings for Trump Org
40 Wall’s valuation chop means tax savings for Trump Org
Google CEO Sundar Pichai (Getty, iStock)
Google’s hybrid model will allow 20% of employees to work remotely
Google’s hybrid model will allow 20% of employees to work remotely
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...