Brooklyn I-sales dollar volume up 74% in first half of year

Multifamily market holds firm with 60 percent of borough's $5.3B in deals

TRD New York /
Jul.July 27, 2015 06:10 PM

Brooklyn investment sales climbed by 74 percent year-over-year, according to a new mid-year report from Ariel Property Advisors.

Borough-wide, there were 766 deals involving 1,083 buildings totaling $5.3 billion in the first half of 2015. Year-over-year, there was comparatively slight growth in terms of transaction volume – a 14 percent increase – and property volume – a 30 percent increase.

Despite the rise of demand in Brooklyn office space, multifamily sales dominated the borough’s tally, accounting for 60 percent of total dollar volume, or $3 billion.

The top deals included Peter Rebenwurzel’s $236 million Brooklyn-heavy portfolio acquisition and the $275 million purchase of 184 Kent Avenue by Kushner Cos., LIVWRK and the Rockpoint Group.

Compared to the second half of 2014, dollar volume was up by 59 percent.

Williamsburg and Greenpoint were by far the neighborhood leaders, with a total of $1.5 billion in transactions. Bushwick, Crown Heights and Bedford-Stuyvesant led the pack in property and transaction volume.

“Positive spillover effects are clearly emerging in neighborhoods to the south and east and we’re going to keep a sharp eye on areas like Sunset Park, Flatbush and southern Crown Heights in the second half of the year,” Jonathan Berman, vice president of Ariel Property Advisors, said in the report.

In the second quarter, Brooklyn multifamily sales surpassed Manhattan in dollar volume, with $1.13 billion in sales, and 110 building traded across 69 transactions.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

New York’s multifamily market had its slowest first half of the year since 2011
New York Community Bank CEO and president Joseph Ficalora (Credit: Facebook)

One of NYC’s top multifamily lenders says 13% of portfolio is in deferral

One of NYC’s top multifamily lenders says 13% of portfolio is in deferral
Darren King (Credit: iStock)

Multifamily lender saw delinquent loans double in Q1

Multifamily lender saw delinquent loans double in Q1
New Yorkers snap up high-end rentals in Miami Beach

New Yorkers snap up high-end rentals in Miami Beach

New Yorkers snap up high-end rentals in Miami Beach
Absent federal assistance, landlords and real estate developers are at the mercy of their lenders. (Credit: iStock)

Landlords locked out of $350B Paycheck Protection Program

Landlords locked out of $350B Paycheck Protection Program
Michael Gianaris (NY Senate, iStock)

Gianaris proposes relief bill for renters and landlords, but not banks

Gianaris proposes relief bill for renters and landlords, but not banks
arrow_forward_ios

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

Loading...