Brooklyn’s investment sales market roared to life last year, recording one of its strongest years since the Great Recession.
There were $7.8 billion worth of investment sales in the borough in 2024, according to the Commercial Observer. The data was collected by TerraCRG, which has been tracking the market since 2010 and recently released its annual Brooklyn Market Report. The calendar year’s transaction dollar volume is the third-highest on record since then, according to the firm’s CEO Dan Marks.
There were 1,198 transactions last year, a 12 percent jump from 2023. The dollar volume rose even more significantly, up 51 percent year-over-year. There was $2.7 billion in dollar volume transacted in Downtown Brooklyn, one of three neighborhoods to see that number hit the 10-figure threshold; East New York and East Williamsburg were the others.
The average transaction size by dollar amount, meanwhile, was $6.5 million, a record for the borough.
“It was time,” Marks said about Brooklyn’s big year in investment sales. He specifically noted the importance of the 485x tax abatement in cracking open the residential development door.
Marks also raised the specter of the Federal Reserve’s interest rate cuts and New York City’s passage of “City of Yes.” Both of those events largely transpired in the second half of the year, which could be why transaction volume increased by 22 percent from the first to the last quarter, while dollar volume surged by 209 percent over the same timeframe.
Top deals of the year included Camber Property Group’s acquisition of the 1,527-unit Linden Plaza from RY Management for $845 million and lender Silverstein Capital Partners’ takeover of Brooklyn Tower at 9 DeKalb Avenue at a $672 million value after Michael Stern fell into distress.
There’s still a long way to go before Brooklyn approaches its investment sales peak. In 2014 and 2015, there were more than 1,700 transactions each year. Even in 2022, there were nearly 1,500 transactions. But Brooklyn has emerged from the Covid-addled trough of 2020, when fewer than 800 deals were made.
Marks said his commercial real estate brokerage was “expecting a robust 2025 and perhaps beyond” after a strong year.
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