Brooklyn Sales May Top $2B for First Time Since ’08


Commercial real estate firm Massey Knakal released its first quarter 2012 property sales report, and while it basically shows a stable market citywide, the stats for Brooklyn stand out:

• 189 properties sold in 1Q12, a 13% decrease from 4Q11, but an increase of 12% from 1Q11
• 147 transactions occurred, down 19% from 4Q11, but a 5% increase from 1Q11
• The aggregate sales consideration in 1Q12 was $683 million, up 11% from 4Q11 and double that of 1Q11. If predictions hold true, annualized sales consideration will top $2B for the first time since 2008

In the report, Bob Knakal, Massey Knakal’s chairman, has this to say: “In the first quarter of 2012 the property sales market in New York City continued to perform at essentially the same modest levels seen in the fourth quarter of 2011. …The results were disappointingly not better and simultaneously happily not worse. They were disappointing because we expected a natural gravitation toward long term trends which should have pulled all markets up from relatively low levels. However, we were happy that things weren’t worse because both the dollar volume of sales and the number of properties sold, had been trending lower in recent quarters. That trend apparently is apparently slowing.”
Q1 2012 Property Sales Report [Massey Knakal]