We frequently write blogs about how wonderful Brooklyn, New York is to live in, work in, have fun in and invest in. Developers, investors and retailers seem to have fallen in love with Brooklyn New York and many of her incredible neighborhoods, such as Bedford Stuyvesant, Prospect Heights, Clinton Hill, Boerum Hill, Cobble Hill, Williamsburg, Bushwick, Bay Ridge and Red Hook just to name a few.
Sales figures indicate that in the investment property category of property types 498 buildings were sold in 362 transactions in the first half of 2013 and for the same period last year 426 buildings were sold in 301 transactions.
There has been a 21% increase in multi family property sales in the first half of 2013 and an increase of 36% of development site salesin the first half of 2013. An excellent example of the prices that some Brooklyn Multi Family buildings are commanding is a five story walk up apartment building located at 161 Columbia Heights in Brooklyn Heights that sold for $600.00 per square foot.
Part of the big attraction to multi family buildings for investors are increased rents in many Brooklyn neighborhoods such as Crown Heights, Dumbo, Prospect Heights, Downtown Brooklyn, Brooklyn Heights, Bedford Stuyvesant, Bushwick, Gowanus and Williamsburg.
The opening of Barclays Center has had a tremendously positive effect on it's surrounding neighborhoods such as Fort Greene, Clinton Hill, Boerum Hill and Brooklyn Heights and the desirability of development sites in these neighborhoods. An example of this is Developer TF Cornerstone's $70 million purchase of the parking garage and storefronts at 300 Livingston Street in Downtown Brooklyn. There are 600 apartments planned to be built on this site. Another development site deal took place and includes an assemblage of three buildings located in Dumbo at 173 and 177 Front Street and 200 Water Street. The combined buildable square feet for this project is 150,000 square feet.
In a recent blog we had reported a tremendous growth in popularity in the Bedford Stuyvesant neighborhood in Brooklyn. Sales figures show that nearly 25% of all investment property sales in the first half of 2013 took place in Bedford Stuyvesant, Bushwick and Crown Heights.
At Accord Real Estate Group we are proud to say that we are very active in representing Multi Family property owners in the marketing and sale of their properties in Bedford Stuyvesant and many other Brooklyn neighborhoods. We are also very proud of our track record of development property sales also in several Brooklyn neighborhoods such as Park Slope, Prospect Heights and Fort Greene.
For expert advice on selling your multi family Brooklyn Property or your properties that would make for an excellent development site, please call or email us for a free consultation. You will be very happy that you did.