Brooklyn investment sales year over year, from 2021 to 2022 saw a 28% increase, reaching just above the $10B mark. Transactions in Brooklyn increased 20% year to year to 1,226 transactions.
The asset classes leading the way were Multi Family and Industrial/Warehouse, with their best year.
Multi Family investors have been shifting their preferences to smaller (fewer than 6 units) free market buildings with no rent stabilization regulations. These transactions accounted for more than 50% of total Multi Family transactions in 2022. Most likely this trend will continue into the future. Investors want value add opportunities.
Development opportunities in Brooklyn reached 166 transactions and a dollar volume of $16B, both figures a healthy increase over 2021. The average price per square foot rose to $278, a 10% increase over 2021 and the highest average ever for Brooklyn.
Williamsburg and Gowanus were the top hot spots in Brooklyn followed by development site sales in Flatbush and Brighton Beach.
The Industrial/Warehouse asset class continues to be very strong, even post pandemic. Red Hook is the hot spot in the Industrial market due to it's centralized location. The gross price per square foot average reached $492, a 14% increase from 2021.
Commercial transactions in Brooklyn year over year declined 6%. However, what is driving this market are the mom and pop retail/mixed use property transactions in Williamsburg, Greenpoint and Downtown Brooklyn as well as Sheepshead Bay and Borough Park.
It should be an exciting 2023 for Brooklyn Investment Sales.
If you are interested in selling your property or you know someone who is planning to sell their New York or Brooklyn property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Accord Real Estate Group
Your Brooklyn Real Estate Brokers and Agents