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Brooklyn Racks Over $1B Commercial Sales in First Quarter 

TerraCRG, a commercial real estate brokerage firm in Brooklyn, has released its Q1 2023 Brooklyn Market Report, which analyzes the borough’s dollar and transaction volume by asset class.  

The report found a total of 245 commercial transactions in the first quarter of 2023, amounting to $1.054 billion. Residential development was the asset class with the highest dollar volume, totaling $294 million. Multifamily and mixed-use building sales combined had 142 trades, totaling over $490 million. Retail transactions accounted for $106 million of total sales, while industrial and office sales combined had 43 trades, totaling $131 million.  

However, the report found that there was a significant drop in total dollar volume and transactions compared to the fourth quarter of 2022, particularly for multifamily assets, which saw a 73% decrease in total dollar volume and a 42% drop in sales quarter over quarter. 


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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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