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Brooklyn 2016 Mid-Year Sales Report by Ariel Property Advisors | Released July 2016

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Brooklyn 2016 Mid-Year Sales Report by Ariel Property Advisors | Released July 2016 BROOKLyn 2016 Mid-YEAR SALES REPORT by Ariel Property Advisors | Released July 2016 Join Our Network: e-mail [email protected] or visit arielpa.nyc 212.544.9500 I arielpa.nyc 122 East 42nd Street, Suite 2405, New York NY 10168 BROOKLyn 2016 Mid-YEAR SALES REPORT Dear Friends, 2016 MID-YEAR SALES REPORT Brooklyn’s investment property sales market continued to see strong sales activity—par- ticularly in terms of pricing—despite a modest retreat from elevated 2015 sales volume. Dollar Volume Transaction Volume Property Volume For the 1H16, Brooklyn saw 697 transactions consisting of 882 properties totaling $4.05 billion in gross consideration. This represents a modest 1% decrease in dollar volume, a 6% increase in transaction volume and a 3% decrease in property volume compared $4.05 697 882 to 2H15. 1H16 Brooklyn investment sales activity also represents a decline compared to 1H15 levels, but transactions and dollar volume are marginally up compared to figures BILLION from the first half of 2014. Pricing metrics are holding across product types and locations, 1% decrease 6% increase 3% decrease reflecting continued investor confidence in Brooklyn real estate. compared compared compared to 2H 2015 to 2H 2015 to 2H 2015 With $2.3 billion in sales accounting for roughly 57% of total dollar volume, the borough’s multifamily segment had a particularly active first half. Dollar volume grew 31% compared to the 2H15, but was down by 16% year-over-year. Low interest rates continue to be a positive factor in the multifamily sector, despite some buyers expressing short term cau- tion in the borough’s rental market due to the several thousand units that are set to come on the market in the coming years. Long term, these new developments will serve as a DOLLAR VOLUME COMparison pillar of stability for the rest of the market and will fuel the continued growth in retail and BY Location commercial property values. As many have anticipated, Brooklyn’s development sector pulled back during the 1H16. 25% Downtown/Park Slope The asset class currently faces several headwinds, particularly, the absence of the 421a 21% Bed-Stuy/BW/CH1 tax abatement program, more stringent financing and concerns over new supply coming 7% Sunset Park/Bay Ridge on the market in the near term. Despite these factors, prices held steady during 1H16— 25% Williamsburg/Greenpoint the average price per buildable square foot for the entire borough came in at $241 for 10% Flatbush/PLG/E. Flatbush2 the half, which is only slightly less than the 2015 average of $247. Continued confidence 7% Brownsville/Canarsie/E. NY3 is evident in the scale of some of the transactions that have recently taken place, such 5% South Brooklyn as the $158 million sale of 625 Fulton Street. While the project plans for Fulton Street are unclear, the site’s C6-4 zoning would allow for a large commercial component for uses such as office, hotel, retail, and entertainment. 25+21+725105x Following a busy 2015 that saw roughly $1 billion in sales take place, Brooklyn’s com- mercial/office sector saw less sales volume during the 1H16, even as prices went up. The Transaction VOLUME COMparison borough-wide average price per square foot for commercial properties came in at $571 BY Location for the 1H16, up 8% from 1H15. The market’s appetite for commercial properties is best highlighted by the half’s largest commercial transaction to take place: Westbrook Part- ners and RXR Realty’s acquisition of a roughly 550,000 square foot commercial building 14% Downtown/Park Slope at 39 Hall Street for $161 million, or approximately $293 per foot. 29% Bed-Stuy/BW/CH1 12% Sunset Park/Bay Ridge Looking ahead, we anticipate sales volume and pricing to hold at current levels over the 12% Williamsburg/Greenpoint balance of the year. Local and national economic growth prospects remain strong, New 18% Flatbush/PLG/E. Flatbush2 York continues to be a safe-haven for capital from around the world, and the interest 8% Brownsville/Canarsie/E. NY3 rate increases anticipated for later in the year are expected to be slow and modest. The 7% South Brooklyn potential of the L-train shutting down for a year or more could cause short-term pain for parts of the borough, but on the other hand may be a boon for others like Downtown Brooklyn, a neighborhood that will have many new units to fill in the coming years. 1 14+29+121887x Bedford-Stuyvesant / Bushwick / Crown Heights We look forward to our continued efforts in providing the Brooklyn community with the 2Flatbush / Prospect Lefferts Gardens / East Flatbush most informative and insightful market knowledge available. For further information re- 3Brownsville / Canarsie / East New York garding any of the enclosed properties, or to discuss real estate trends in general, please feel free to contact us at any time. We wish you all a healthy and prosperous summer. Ariel Property Advisors | 122 East 42nd Street, Suite 2405 - New York NY 10168 | 212.544.9500 | arielpa.nyc 2 Brooklyn 2016 Mid-Year Sales Report BROOKLyn 2016 Mid-YEAR SALES REPORT: MARKET OBSERVATIONS Multifamily | Pricing metrics show continued with many new units coming on the market and SF site that sold for $72.2 million or $192 per build- appreciation at a slower pace than recent years. tightening financing all contributed to a retreat in able SF. Average cap rates fell 12 basis points from 4.56% to development site sales during the 1H16. Strength in 4.44%. Price per SF rose a modest 19% from $328 the segment continues to show through elevated Commercial | Small to medium size transac- to $391. The average price per unit also jumped by pricing and the sheer size of several deals that took tions dominated Brooklyn’s commercial property 19% from $284,617 to $340,090 per unit. place. segment as dollar volume shrank roughly 46% year-over-year even though transactions only de- Notable transactions for the 1H16 include the sale The majority of the development transactions clined by 14%. Long term confidence in the retail of the 152,670 SF dormitory building located at continue to be in Northern Brooklyn with Wil- market continues to show as prices per square 124 Columbia Heights by Jehova’s Witnesses who liamsburg, Bushwick and Bedford Stuyvesant foot climbed to $571, up 8% from 2015. is moving upstate to Orange County to Vincent comprising of 43% of the transaction and property Viola for $105 million. This transaction represents volume. Demand for condominiums continues Significant transactions include the $17 million sale $687 per SF. The property will need work to be to be strong in these areas with recent sellouts of 1623 Kings Highway a 20,000 SF commercial converted to high end condominiums. Another ranging between $800 and $1,800, depending on property that sold for $850 per SF. 2061-2063 86th notable transaction is the sale of Bergen Gardens amenities and location. Street in Bensonhurst is another notable transac- by The Matton Group and Gartenstein properties tion—this NNN Footlocker was sold by American for $49.6 million to the Hudson Companies. With Notable development transactions during the first Realty Capital to Donald Zucker for $8,400,000, 144 units and 166,000 SF, the sale represented half include include the sale of 263-277 South which represents $1,024 per SF and a cap rate of $347,000 per unit and $298 per SF. A package of 5th Street in Williamsburg, an 230,000 buildable 5.32%. A Rite-Aid located at 892 Flatbush Avenue buildings containing 203 units in Crown Heights square foot site that sold for $80,000,000, or $347 sold for $8,500,000, which represents $920 per SF and East New York was sold by Carmel Partners per BSF. Another was the $158 million sale of 625 off the existing square footage, though the prop- to Chestnut Holdings for a 3.9% cap rate and 13.5 Fulton Street from Forest City Ratner to Simon Du- erty does contain significant future development gross rent multiple shinsky’s Rabsky Group. This 600,000 buildable SF potential. transaction represented a price of $263 per BSF. In Development Sites | The lack of the 421a tax Bushwick, Yoel Goldman added to a massive as- incentive, concerns about residential absorption semblage around the Rheingold factory with the purchase of 28 Stanwix Street, a 375,000 buildable % CHANGE % CHANGE PRODUCT TYPE 1H 2016 2H 2015 1H 2015 1H ‘16 - 2H ‘15 1H ‘16 - 1H ‘15 Commercial $190,302,400 -43% $333,642,997 -46% $350,290,502 Ind / Gar / Dev* $1,447,982,492 -13% $1,657,332,792 -24% $1,905,289,373 ME U OL Multifamily $2,329,629,352 31% $1,778,008,270 -16% $2,777,966,366 V R A Office $41,173,548 -85% $279,035,000 21% $33,980,000 OLL D Special Purpose $41,024,580 -2% $41,800,886 -65% $115,751,939 GRAND TotAL $4,050,112,372 -1% $4,089,819,945 -22% $5,183,278,180 Commercial 48 -9% 53 -14% 56 ME U Ind / Gar / Dev* 177 -3% 182 -25% 236 OL V Multifamily 459 14% 403 0% 460 CTION Office 4 -50% 8 -43% 7 A NS Special Purpose 9 -10% 10 -25% 12 A R T GRAND TotAL 697 6% 656 -10% 771 Commercial 55 -26% 74 -43% 97 ME Ind / Gar / Dev* 293 -9% 321 -18% 358 U OL Multifamily 520 8% 481 -13% 596 V Office 5 -55% 11 -50% 10 roperty Special Purpose 9 -50% 18 -74% 34 P GRAND TotAL 882 -3% 905 -19% 1,095 *Industrial / Garage / Development 3 | Ariel Property Advisors | 122 East 42nd Street, Suite 2405 - New York NY 10168 | 212.544.9500 | arielpa.nyc BROOKLyn 2016 Mid-YEAR TRANSACTION MAP BY PROPERTY TYPE LEGEND Multifamily Industrial, Garage and Development Office Commercial Special Purpose Activity Cluster Ariel Property Advisors | 122 East 42nd Street, Suite 2405 - New York NY 10168 | 212.544.9500
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