BROOKLyn 2015 Mid-YEAR SALES REPORT by Ariel Property Advisors | Released July 2015 Join Our Network: e-mail
[email protected] or visit arielpa.com 212.544.9500 I arielpa.com 122 East 42nd Street, Suite 1015, New York NY 10168 BROOKLyn 2015 Mid-YEAR SALES REPORT Dear Friends, 2015 MID-YEAR SALES REPORT Posting major gains in dollar volume and the number of properties sold, Brooklyn’s in- vestment property sales market started the first half of 2015 in strong fashion. Dollar Volume Transaction Volume Property Volume For the 1H2015, Brooklyn saw 766 transactions consisting of 1,083 properties totaling $5.327 billion in gross consideration. This represents an impressive 76% increase in dol- lar volume, a 14% increase in transaction volume and a 20% increase in property volume compared to 1H14. While nearly every product type saw more selling activity across the $5.33 766 1,083 board, multifamily and development transactions accounted for over 90% of dollar vol- BILLION ume and had a pronounced positive impact on the first half. 59% increase 7% increase 12% increase Multifamily sales, which accounted for 60% of total dollar volume, were expansive in compared compared compared terms of product type and location. Sales ranged from large multifamily portfolios to to 2H 2014 to 2H 2014 to 2H 2014 existing, core rental buildings ideal for conversion to condominiums. Multifamily prices remained at the elevated levels seen at the end of 2014. With strong fundamentals and interest rates expected to stay low over the remainder of the year, 2015 is shaping up to be an incredible year for Brooklyn multifamily owners.