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Brooklyn Commercial Sales Make $2B Leap

New York

Brooklyn's commercial sales market is doing very well, to say the least. The first half of 2015 saw $5.1B in sales from 1,011 transactions, a $2B (61%) increase year over year. Brokerage firm TerraCRG found that the number of $10M-plus transactions nearly doubled from 68 in the first two quarters of 2014 to 113 in 2015, GlobeSt reports. And the average transaction size went from $3.15M to $5.08M. The asset class with the highest number of sales was multifamily transactions, making up more than 38% of the total dollar volume. The highest dollar volume in both the mixed-use and development categories went to North Brooklyn, which also had the largest mixed-use trade and largest transaction of the first two quarters of the year, thanks to the $275M sale of Williamsburg's 184 Kent Ave (pictured). The region's highest number of retail sales and dollar volume went to Central Brooklyn with $109M from 15 sales. Meanwhile, the industrial office category doubled from $296M to $631M-plus. [GS]