96. Brooklyn 2024 Mid-Year Commercial Real Estate Trends featuring Sean R. Kelly and Stephen Vorvolakos
Description
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses Ariel’s Brooklyn 2024 Mid-Year Commercial Real Estate Trends report with Brooklyn experts Partner Sean R. Kelly, Esq., and Director Stephen Vorvolakos.
Overall, investment sales in Brooklyn rose to $3.36 billion in 1H 2024, a 43% increase compared to 2H 2023 and 18% increase compared to 1H 2023. In the multifamily market, Mr. Vorvolakos said owners are adjusting their pricing, which is creating opportunities for investors. The average cap rate rose to 6.48% in 1H 2024, the highest level since 2012, which can be attributed to elevated interest rates and uncertainty about new regulations. In the development market, Mr. Kelly said the new 485x tax incentive, the successor to 421a, is breathing new life back into the development market. Also, local developers are partnering with institutional capital and building farther into the borough.
More details about the Brooklyn market are available in the Brooklyn 2024 Mid-Year Commercial Real Estate Trends report.
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