According to Massey Knakal’s Research department’s 1Q14 Property Sales Report, the first quarter of 2014 was noted as the second best performing first quarter in the Brooklyn boroughs history behind 1Q07 - 374 transactions closed with a total aggregate value of $1.67 billion. North Central Brooklyn, which we define as compromising the neighborhoods of Bedford Stuyvesant, Bushwick, Crown Heights and Prospect Lefferts Gardens saw its biggest quarter on record.
Transaction volume from the North Central Brooklyn submarket accounted for 27% of the Brooklyn borough’s total transaction volume. Six 8-figure transactions closed during 1Q14 for a total aggregate value of $92M. These larger transactions are not seen often and show that the area is attracting a new, more institutional profile of investors.
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See charts below for a quarter over quarter analysis of each neighborhood
Neighborhoods: Bushwick, Bedford Stuyvesant, Prospect Lefferts Gardens, Crown Heights