Brooklyn Investment Sales Top $10 Billion for the First Time
Brooklyn saw a 28% year-over-year increase investment sales to just over $10 billion in 2022, representing the first time ever the borough has surpassed the $10-billion mark in dollar volume and surpassing the previous record of $9.19 billion from 2015, according to Ariel Property Advisors’ 2022 Brooklyn Year-End Commercial Real Estate Trends report.
Transactions in the borough also increased 20% from the previous year to 1,226, including 807 multifamily sales, the largest number ever recorded in the borough.
“Institutional money helped play a major role in the Brooklyn market, as 2022 finished the year with 16 transactions of $100-plus million, nearly doubling the nine from 2021,” said Ariel partner Sean R. Kelly. “Additionally, several asset classes saw record highs in pricing, and the multifamily & industrial/warehouse classes specifically had their best year ever in terms of dollar volume.”