News
BROOKLYN!
July 24, 2009
| We’ve heard plenty about Manhattan investment sales volume, but what about Brooklyn? We turned to Massey Knakal borough guru Ken Krasnow, who tells us that sales are down, as they are across the entire region, but Brooklyn activity has seen a significant uptick over the summer and he expects we’ll see a good number of properties trading hands over ‘09’s second half. |
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| Brooklyn can thank neighborhood diversity for its strength; from stabilized markets like Park Slope and Bay Ridge to growing and developing areas like Bed-Stuy and Bushwick, it gives investors a full menu of options, he says. There’s also a scarcity of product, especially in multifamily. As prices show signs of stabilization and transaction volume increases, investors have a growing sense of security and know where the market is, encouraging more market activity. Sellers are once again seeing multiple bidders if the assets are priced to today’s market; lots of capital has been sitting on the sidelines waiting for those adjustments. |
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| Ken, with colleague Stephen Palmese, who recently completed Brooklyn’s largest residential sale this year at Bay Ridge’s 333 Ovington Ave., after 25 offers. Massey Knakal is also marketing an Ocean Parkway elevator multifamily asset, valued at today’s market, and it went into contract within two weeks, after multiple bids. Mixed-use and industrial are in demand for those taking advantage of current conditions, and are readily financeable, Ken continues. In the meantime, he’s been busy moving his life and family from South Florida, where he ran a multifamily business until he joined Massey Knakal seven months ago. |
