Brooklyn Commercial Real Estate Flourishes Jan-June 2012

Commercial real estate in Brooklyn remained robust throughout the first half of 2012, according to a report from commercial realty group TerraCRG. Some 563 sales worth more than $1.23 billion were recorded, an increase of 50% in dollar volume over the period last year.

Downtown—which includes Brooklyn Heights in the report—and Park Slope led with the highest dollar volume of total sales ($341M, 78 transactions); while Williamsburg & Greenpoint region were second ($334M, 75 sales). Perhaps more surprising, the neighborhoods of Bed-Stuy, Bushwick, and Crown Heights had the largest amount of trades overall ($195M, 191 sales), also boasting 2.3 times the number of multi-family transactions over any other region of Brooklyn.

The TerraCRG report’s largest transaction in Brooklyn Heights from January-June 2012 was 75 Clinton Street, which sold for $50.825M, over $1,100/SF. As BHB reported in July, the new rental property at the corner of Montague Street (above Rite Aid) is now 90% leased, with 66 of the 74 units spoken for.

South Brooklyn, including the Heights, had the highest dollar volume of all commercial retail sales in the borough during the first half of 2012, with more than $50 million among a mere 11 transactions. See a round-up of the TerraCRG report here.

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  • Gerry

    Bull*hit the hood remains economically depressed