Commercial Sales Still Slow in Brooklyn
While prices have not collapsed, the market for commercial and investment properties in Brooklyn is still very slow, according to the brokerage firm Massey Knakal. Sales volume last year was only $797 million, which represents a drop of 61 percent from 2008 and 79 percent from 2007. The number of buildings sold fell to 478…
While prices have not collapsed, the market for commercial and investment properties in Brooklyn is still very slow, according to the brokerage firm Massey Knakal. Sales volume last year was only $797 million, which represents a drop of 61 percent from 2008 and 79 percent from 2007. The number of buildings sold fell to 478 in 2009, down 57 percent from 2008 and 79 percent from 2007. The firm attributed the low sales to a lack of product on the market; it also noted that prices have not fallen very much, perhaps another reason why fewer deals got done. On a brighter note, Ken Krasnow, director of Brooklyn operations told The Brooklyn Eagle that Retail is very hot in Brooklyn.
Commercial Property Hasn’t Turned Corner Yet [Brooklyn Eagle]
Photo by JanelleGrace
Really? How come everytime I walked into a real estate agency and asked if ” they could let me know if there was anything affordable or to let me know if they had something where home prices were coming down?” The response I always got was more or less ” are you crazy? real estate prices are never going to come down!” I don’t have the time now but I would love to go into every real estate agency and say HaHa!!!!!! you suckers were so wrong and moon them!
Hannible, I don’t think real estate agents were the ones driving the market up, though people seem to like to use them as scapegoats. It takes investors and buyers to purchase the properties under the assumption that they will get a low return on investment, but will be able to sell 20% higher the following year.
Hurray! New York City will go back to being ghetto. Boy I miss the 70’s. Thank you real estate agents without you this would have not been possible.
“While prices have not collapsed…”
Why/how would they have collapsed? Like residential, volume has to peak again (like during the run-up) before prices bottom. It obviously hasn’t. Commercial is at the beginning of a massive capitulation. Tishman Speyer/BlackRock have set the precedence. Walking away will become popular culture.
***Bid half off peak comps***
“While prices have not collapsed, the market for commercial and investment properties in Brooklyn is still very slow, according to the brokerage firm Massey Knakal” Well no dah! These guys charge large commisions for what their expert know how? Collapse the prices and properties will go very fast! I learned that is pre-school.