BROOKLYN — More multifamily transactions were recorded in Flatbush and Crown Heights than in any other Brooklyn neighborhood in 2011, according to a report from Ariel Property Advisors, an investment property firm with a focus on the multifamily market.
The report, “Multifamily Year in Review: New York City 2011,” also found that Williamsburg was the neighborhood in Brooklyn whose transactions had the highest dollar value.
In 2011, there were 23 transactions consisting of 34 buildings with a total dollar value of $107 million in Flatbush, 20 transactions consisting of 22 buildings with a total dollar value of $128 million traded in Crown Heights, and 11 transactions consisting of 13 buildings with a total dollar value of $264 million in Williamsburg, according to Jonathan Berman, vice president of Ariel.
Dollar volume in Williamsburg was largely due to the $76 million sale of 173 Kent Ave., a 113-unit luxury building purchased by Equity Residential.
“Crown Heights was one of the highest traded areas in 2011,” said Berman. “There is a tremendous amount of pent-up demand and investors are realizing that this community has beautiful brownstones and buildings with impressive architecture for which investors are willing to pay $80,000 to $100,000 a unit.”
Berman said Crown Heights is attracting young professionals because the neighborhood is accessible by public transportation and new restaurants and other amenities are opening on commercial corridors like Franklin Avenue, north of Eastern Parkway.
Borough-wide, Brooklyn saw 119 multifamily transactions consisting of 154 buildings, totaling approximately $592 million in gross sales, according to the report.
“This represents an impressive 25 percent increase in transaction volume, a 50 percent increase in the number of buildings sold, and an 88 percent increase in dollar volume compared to 2010,” said Berman.