Brooklyn 1Q CRE sales down just 15% year over year

Brooklyn commercial real estate sales in the first quarter of 2023 declined by only 15 percent compared with the same period a year ago, but declined 38 percent from the fourth quarter of 2022, according to a PincusCo Media analysis of city transaction data.

The top buyers in the first quarter were Rockrose Development with two purchases, Avanath Capital Management with one purchase, Dermot with one purchase, Metlife with two and Carlyle Group with 15 acquisitions.

Real estate investors bought $1.66 billion in commercial property through transactions of $1 million and up in Brooklyn in the first quarter of 2023, compared with $1.96 billion in the first quarter of 2022, and $2.69 billion in the fourth quarter of 2022. The fourth quarter is traditionally the most active quarter of the year, but last year saw declines every quarter throughout the year.

The analysis revealed unique 291 buyers, either companies or individuals.

The top 10 sales accounted for $569 million of the $1.66 billion.