March 7, 2017
The development boom isn’t finished. Investors spent hundreds of millions of dollars to buy development sites in the second half of 2016, especially in Brooklyn, according to the Real Estate Board of New York.
More than a third — 37% — of all sales of garages, gas stations and vacant land citywide took place in Brooklyn during that period. Investors spent a total of $802 million to buy 198 development sites, up from $653 million for 179 sites in the second half of 2015. At the same time, the overall number of transactions dropped in Brooklyn.
Meanwhile, in Queens, the number of completed transactions for garages, gas stations, and vacant land grew by 59% year over year to 183. In Staten Island, an increase in the volume of real estate sales overall was driven by trades in the category of garages, gas stations, and vacant land. Finally, the total amount paid for industrial properties and office buildings (along with garages, gas stations and vacant land) in the Bronx. more than doubled year over year.
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