TerraCRG releases Annual Market Report: Brooklyn commercial sales market hits record-breaking year in 2015

Brooklyn, NY TerraCRG has released their 2015 Year-End Brooklyn Market Report. The report thoroughly analyzes all of the commercial sales in the Brooklyn market throughout 2015 and a comparison of the last six years, categorized by neighborhood and asset class. This is TerraCRG’s sixth year compiling the year-end market report, and the findings show that the Brooklyn commercial sales market has continued to boom, equating to a dollar volume growth of 39%, up from $6.85B in 2014. In 2015 alone, the TerraCRG team verified a total of 1,895 commercial sales and over $9.5B in commercial property sales in Brooklyn. “The investments sales market in Brooklyn saw a 10 fold increase in the last six years, from one billion dollars’ worth of transactions at the end of the recession to just under 10 billion last year,” said Ofer Cohen, Founder and President of TerraCRG. “Regardless of any short term effect the 421a expiration may have on new residential development of rental buildings – we expect Brooklyn to continue its long term trajectory, with the continued strength of multifamily sales and industrial to office conversion, as new residents and businesses are eager to call Brooklyn their home,” continued Cohen. 2015 Report Highlights:

• There was a total of 1,895 commercial sales in Brooklyn in 2015, with a total consideration of over $9.5 billion
• There was an approximately 39% increase in dollar volume from 2014
• The average transaction in Brooklyn was 47% higher than the year before, from $3.4 million to $5 million
• The increase in total dollar volume stems from unprecedented asset appreciation
• Over the past six years, since 2010, there has been a 10 fold increase in dollar volume

To download the complete report, which covers 2010 through 2015 and includes a detailed review of multifamily, mixed-use, development, retail and industrial/office properties in Brooklyn, please visit terracrg.com.