BROOKLYN — Commercial real estate prices are on the rise in Brooklyn, with total sale prices increasing more than 60 percent this year compared to the first half of 2014, according to a new report from brokerage firm TerraCRG.
While the number of sales were slightly down, sale prices are up significantly, according to experts.
From Jan. 1 to June 30, the borough saw 1,011 sales of multi-family, mixed-use, development, retail and industrial/office properties, down from the number of sales in the first half of last year, which was at 1,014.
But the value of sales from that period this year spiked to $5.133 billion, compared to $3.187 billion in the first half of last year, the report shows.
“Larger institutional buyers have also been moving into the area and as it becomes more established as a first choice destination — rather than a less expensive alternative — for buyers, renters and business owners,” said Cosentino, the firm’s vice president of investment sales.
Central Brooklyn — which TerraCRG says includes Flatlands, Kensington, and Prospect-Lefferts Gardens among other neighborhoods — had the highest number of retail properties sold and highest sales values in all of Brooklyn. The area saw 15 sales totaling $109 million.