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.