Brooklyn leads city with 884 investment property sales in 2014
In the first half of 2014, total investment property sales in Brooklyn rose 38 percent from the first half of 2013 to 884, nearly twice the number of investment property sales in the city’s second most active submarket of Queens, according to Ariel Property Advisors’ Brooklyn 2014 Mid-Year Sales Report.
In addition, the number of transactions increased 34 percent to 646 and the dollar volume of those trades jumped 73 percent to more than $3.033 billion in gross consideration in the first half of 2014 compared to the first half of 2013, which saw 640 properties trade over 482 transactions totaling $1.757 billion in gross consideration. The Brooklyn 2014 Mid-Year Sales Report tracks development, multifamily, industrial, and other commercial property sales over $850,000.
“With strong fundamentals driving steady demand for multifamily properties and development sites, this uptick shows no signs of abating,” said Jonathan Berman, vice president of Ariel Property Advisors.