Residential housing had a good year in 2012, but Brooklyn’s commercial market may be doing even better. According to a new report out from Brooklyn commercial real estate firm TerraCRG, there were 40 percent more commercial sales in 2012 than in 2011. The $4.38 billion in sales was double that of 2011. Development sites zoned for residential buildings were in the most demand. Investors spent $695 million on these sites, up 221 percent from 2011. Mutifamily sales accounted for $1.3 billion and 585 transactions — the most of any category. Bed-Stuy, Bushwick and Crown Heights (which the report lumps into a single zone) had more commercial transactions than any other area considered by the report — 529 in total. Investors may also be getting more comfortable with larger purchases: there were 59 sales topping $10 million, about twice the number in 2011.
Something Big in the Works for 208-210 Flatbush Avenue [Here's Park Slope] Permits Filed: 8 Vanderbilt Avenue [YIMBY] New Website Will Hook You up With Jobs in the Brooklyn Tech Triangle [Brokelyn] Crown Heights Councilwoman Criticized for Brewing “Anti-Semitic Stew” [Gothamist] New Apartment Building Planned for Beverley Road [Ditmas Park Corner] Ted x Gowanus! [GYFO] How Do You Feel About the Planned Tower at 626 […]
The City Planning Commission voted unanimously in support of outgoing Borough President Marty Markowitz’s plan to revamp the former Childs Restaurant in Coney Island and turn it into an amphitheater and upscale eatery, Brooklyn Paper reported. However, local residents are less than thrilled about the plan, which will require $53,000,000 in city funds to transform […]
Willets Point Developers Ask City for $43 Million in Tax Breaks Single Family Home in Jackson Heights Sells Just Under $1 Million A Few More Details on the Large Avery Avenue Sale in Flushing Sims Metal at Newtown Creek Listing of the Day: 25-19 35th Street, #3D Food Bazaar Opening on Northern Boulevard Next Week… […]
Brooklyn, one building at a time. Name: Originally Public National Bank of New York, now Bank of America Address: 47-49 Graham Avenue Cross Streets: Corner Varet Street Neighborhood: East Williamsburg Year Built: 1921-1923 Architectural Style: Neo-Classical Architect: Eugene Schoen Other works by architect: other branches of Public Nat’l Bank; several synagogues, and factories. Best known […]
Drug treatment and psychotherapy center New Directions lost its lease and plans to relocate to 500 Atlantic Avenue in March. The substance abuse treatment program has been headquartered at 202-206 Flatbush Ave between Bergen and Dean since 1983. More than a dozen neighbors came out at last night’s community board meeting to voice their opposition to the move. Community Board […]