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Brooklyn Leads NYC Investment Sales Activity

4/28/2011 9:12:18 AM/ Massey Knakal/ News

The overall NYC investment sales market has continued to rebound in 2011.  Thus far, there have been 433 properties sold, representing an annualized turnover of 1.06%. Brooklyn has outpaced all markets with 146 property sales through 1Q11, or 34% of total properties sold. Manhattan leads all markets in terms of dollar volume with $3.1B of sales or 79% of the $3.9B sold citywide.

“We have clearly turned the corner in terms of sales velocity in Brooklyn,” said Massey Knakal Managing Director Ken Krasnow.  
During the first quarter of 2011, there was $3.9B in NYC property sales, a 45% increase from 1Q10 but 30% off the two year high of $5.6B set in 4Q10.

The aggregate sales consideration for Brooklyn in 1Q11 was $324M, an increase of 103% over 1Q10, and 33% from the $244M in 4Q10. Average price per property in Brooklyn was $2.2M, up from the $1.7M in 2010.

While the volume figures above reflect activity across all property types, below we examine pricing and volume trends in Brooklyn based on product type.

Click here for pricing and volume trends