Friday, January 21, 2011

Brooklyn Showed Some Improvement in 2010

Commercial property sales in Brooklyn showed little improvement in 2010 even as the volume of sales surged in Manhattan.

There were 778 commercial real-estate transactions in Brooklyn in 2010, down from 805 in 2009, according to a new report by commercial-brokerage firm Terra CRG LLC.

TerraCRG: Commercial Real Estate Stabilizing

Terra CRG just released its 2010 report on the state of the commercial real estate market in Brooklyn. According to the report, the billion dollars or so in sales is about in line with 2009 number. While you can check out data on retail and multi-family sales here, we were particularly interested in the levels at which developable property was changing hands. Despite cries of oversupply and a handful of high-profile projects going belly up, developers apparently have not lost their appetite for North Brooklyn. Williamsburg had the highest number of sales (8) and the highest dollar volume ($20,597,593). As the chart above shows, Williamsburg and Greenpoint also put up the highest numbers on a price-per-buildable-square-foot basis. Interesting.

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