July 24, 2017
Investors only bought $3.58 billion in properties in Brooklyn during the first half of 2017. That’s down 11%, compared to the first half of 2016.
“Make no bones about it, the investment sales market struggled in the first half of the year, particularly during the first quarter,” said Jonathan Berman, director at Ariel Property Advisors. “Having said that, activity noticeably bounced back during the latter part of the second quarter, indicating the market may have bottomed.”
From January through June, Brooklyn multifamily transaction volume fell by 12%, compared to the year before. Office properties, meanwhile, were a bright spot. Over $584 million of office properties traded in Brooklyn in the first half of 2017, several times the $71 million that sold over the same period the year before.
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