Connect Media | May 10, 2018
Although investment sales across Brooklyn fell noticeably short of the 2015 peak in each of the two subsequent years, the borough’s future looks strong, according to GFI Realty Services. As a case in point, developers continue to venture beyond the tried-and-true neighborhoods.
“While last year’s slowdown was fairly significant, it was in large part a result of rising interest rates and a growing gap between buyers’ and sellers’ perception of property value,” said Justin Fitzsimmons, research analyst at GFI. “As 2017 progressed, we saw these issues begin to fade, which led to an uptick in deal volume in the second half of the year.”
Looking across 2018 and beyond, Fitzsimmons said, “we expect strong investment activity to continue across Brooklyn, particularly in areas that have not yet been revitalized heavily, and consequently offer investors more potential to create value.”
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