Brooklyn Commercial Sales up Slightly in Volume, Down in Value

Commercial property sales in Brooklyn edged up 5 percent in the first half of the year, with 431 transactions, vs. the same period the year before, according to a market report from Massey Knakal. Altogether, 526 properties changed hands, an increase of 1 percent. The aggregate sales consideration, however, was down 16 percent, to $1.3 billion. “In the first half of 2013, the property sales market in New York City continued to outperform the broader economy and, in fact, performed much better than commercial real estate’s underlying fundamentals would dictate,” said Massey Knakal Chairman Bob Knakal, speaking of the whole city. The report predicted that by the end of the year, dollar volume in Brooklyn will be double that in 2011.

Photo by hollykoffler