Data from commercial real estate brokerage firm, TerraCRG revealed that commercial transactions in Brooklyn crossed $1B in the first quarter of this year.
The report analyzed commercial property transactions in Brooklyn, categorized into seven regions.
- Residential development led other asset classes with the highest dollar volume of $294M, followed by mixed-use, which amounted to $252M.
- Higher interest sales, inflation, and stricter lending led to sales in Brooklyn dropping by 49% compared to Q1 of 2022.
- The report showed a decline in total dollar volume and transactions compared to Q4 of 2022.
- The most significant drop was in the multifamily assets class, which plummeted 73% from $873M to $238M.
- The report also provided a list of the top 10 transactions in Q1.
