Investment Property sales for the 1st half of 2014 is up 38% from the first half of 2013.
Brooklyn Real Estate Brokers have a lot to be proud of so far this year. In addition, the dollar volume of these sales rose 73% to more than $3,033 Billion. Property types included in the investment property category are development, multi family, industrial and other commercial property sales over $850,000.Multi family sales led the way with 66% of Brooklyn's investment property transaction volume. For example, a newly constructed 49 unit rental building in Williamsburg sold for $35.6 Million, which translates into a price per unit of $725,000.
Development property sales have also been very strong this year so far. The hottest neighborhoods leading the way in development properties sold are Bedford Stuyvesant, Crown Heights, Downtown Brooklyn, Gowanus, Greenpoint and Williamsburg. Two important development sales this year so far are the Dupont Realty Greenpoint Development Portfolio with 261,000 buildable square feet and a potential to add 100,000 square feet with affordable housing. The property sold for $48.5 Million. Another large development sale that took place this year was the sale of 564 St. John's Place in Crown Heights with 135,000 buildable square feet and sold for $24 Million or $177.00 per buildable square foot. Demand for development sites have pushed up land values dramatically. Land in prime locations are now being purchased in the $300 per buildable square foot price range.
Accord Real Estate Group is proud to say that this year so far we have sold three mixed use buildings, all of which resulted in a bidding wars and top sales prices for our clients. The neighborhoods that the properties are located in are East New York, Midwood and Flatbush.
For more information about investment property sales in Brooklyn New York or if you are interested in selling your investment property including development, multi family, industrial or mixed use property call Jeff or Anna at 718-375-2065. You will be very happy that you did.