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The firm Real Capital Analytics, which provides market research on commercial real estate, recently started putting together reports on “troubled” properties by region. The findings for Brooklyn? According to the firm, the borough currently has about $1 billion in troubled real estate, which seems like a lot until you compare it to Manhattan where the number tops $12 billion. The Brooklyn tally also isn’t nearly as bad when you consider that a good chunk of it—$330 million—is accounted for by One Brooklyn Bridge Park which, while certainly “challenged” in recent months, is showing signs of life again after a recent round of price cuts. 1BBP gets included because properties with restructured debt are included in the tally, and the condo got a loan extension in May. Properties in foreclosure or bankruptcy were also included in the findings for Brooklyn. The full report is only available through a subscription to Real Capital Analytics.


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  1. Pete the article specifically says the $1 bln in Brooklyn includes $330mm for One Bkln Bridge Park. Multi-family residential is “commercial”–I’d bet a decent part of the balance is stalled condos in Williamsburg. Imagine the $12 bln in Manhattan has a good but of multifamily residential as well. fsrg is right on.