Brooklyn investment property sales cool in 1H17, southwest region industrial assets heat up
Brooklyn investment property sales continued to struggle during the first half of 2017, echoing 2016’s trend, with pricing metrics slumping across the board, particularly on multifamily properties. However, activity noticeably bounced back during the latter part of the second quarter, indicating the market may have turned a corner.
During 1H17, New York City’s biggest borough saw 570 transactions consisting of 756 properties, totaling approximately $3.58 billion in gross consideration, according to Ariel Property Advisors’ recently released “Brooklyn 2017 Mid-Year Sales Report.”
Compared with 2H16, dollar volume and transaction volume dropped 11% and 8%, respectively, while property volume held steady. Year-over-year the drop was more significant, with transaction and property volume falling 20% and 16%, respectively, while dollar volume slid 7% compared to the same period in 2016.