Escolar Documentos
Profissional Documentos
Cultura Documentos
1 s t H a l f 2 0 13
www.masseyknakal.com
1 s t H a l f 2 013
This report focuses on investment sales activity in the North Central Brooklyn submarket, which we define as comprising the neighborhoods of Bedford Stuyvesant, Bushwick and Crown Heights. Each of these neighboring areas, formerly characterized by crime and economic hardship, have seen an influx of artists, young families, and a diverse array of new restaurants and other retail amenities. Driven by strong fundamentals like proximity to market center and transportation (including 10-25 minute subway commutes to Downtown Brooklyn and Manhattan), architectural significance, solid returns and tremendous long-term upside, these transitional neighborhoods have emerged as a focal point of transaction volume in Brooklyn. During the first half of 2013, 524 properties were sold in the Brooklyn investment sales market for a total aggregate value of $1.3B. Coming off the capital gains-driven sell-off in 4Q12, the number of properties sold has remained flat in comparison to the same period last year and dollar volume has decreased by 17%. On a submarket level, North Central Brooklyn contributed 162 properties a 25% increase compared to the same period last year. This activity also accounted for a daunting 31% of transaction volume across the borough. An important side note is that the average sale price in this submarket is$ 1.1M, 55% less than the borough-wide average. Dollar volume in the area was slightly down by 2% at $181M.
Bedford Stuyvesant
% of Properties Sold by type 18
( 1 s t Ha l f 2 0 1 3 )
% of Dollar Volume by type Development Industrial Mixed-Use Office Retail Specialty Use / Conversion Walkup TOTAL $32,277,375 $3,554,382 $8,275,000 $525,000 $6,550,000 $2,245,000 $34,075,575 $87,502,332
3 8 1 3 2 31 66
39%
37%
3%
6% 10% 1% 4%
Bushwick
% of Properties Sold by type % of Dollar Volume by type
18%
10 Development Mixed-Use Retail Specialty Use / Conversion Walkup TOTAL $4,690,000 $10,066,000 $4,100,000 $1,200,000 $24,906,000 $44,962,000
10%
12
54% 22%
2 1 30 55
56%
22%
9% 3%
% of Dollar Volume by type
4% 2%
Crown Heights
% of Properties Sold by type
5 4 9 2 3 18 41
12% 5% 54%
22% 7% 5%
18%
9%
2%
N o rt h C e n t r a l B ro o k ly n P RO P E RT Y S A L E S
1 s t H a l f 2 0 13
Bedford Stuyvesant:
1H13 Mixed-Use $/Unit averaged $207,176 up 58.24% from 1H12 Walkup $/Unit averaged $136,717 up 2.51% from 1H12 Mixed Use $/SF averaged $212 up 25.80% from 1H12 Walk-up $/SF averaged $156 down 7.85% from 1H12. 1H13 Mixed-Use $/Unit averaged $143,003 up 22.54% from 1H12 Walkup $/Unit averaged $119,631 up 11% from 1H12 Mixed Use $/SF averaged $180 up 18.60% from 1H12 Walk-up $/SF averaged $162 up 18.76% from 1H12 1H13 Mixed-Use $/Unit averaged $165,617 down 1.03% from 1H12 Walkup $/Unit averaged $129,345 up 37.44% from 1H12 Mixed Use $/SF averaged $171 up 5.86% from 1H12 Walk-up $/SF averaged $177 up 47.08% from 1H12. 64%, 78 transactions under $1 Million 34%, 42 transactions between $1-$5 Million 2%, 2 transactions over $5 Million
$165,617 $143,003
Bushwick:
Crown Heights:
$250
$212
$200
$180
$171
$156 $162
$177
$150
Transactional Turnover:
On an annualized basis, the projected number of properties sold and transactional turnover during 2013 is slightly down in comparison to 2012. When looking back to 2009-2011, you can see a significant increase across North Central Brooklyn. Brooklyns Transactional Turnover LTA of 1.9% was exceeded in both Bedford Stuyvesant and Bushwick in 2012 and is projected to be exceeded in Bushwick by year end.
$100
$50
$0
Mixed Use Walk Up
2.5%
2.0%
18 14
20
1.5%
80 60 40
10
1.0%
0.5%
14
5
8 12
20 0
2009
33 39 26 0.5%
2010
44 27 13 0.6% 0.5% 0.3%
2011
78 55 53 1.1% 1.0% 1.0%
2012
158 127 94 2.2% 2.3% 1.8%
2013*
132 110 82 1.8% 2.0% 1.6%
0.0%
1 1
<$1M
$1M-<$5M
0.7% 0.5%
N o rt h C e n t r a l B ro o k ly n P RO P E RT Y S A L E S
Below are all sales completed during the 2nd Quarter of 2013
1 s t H a l f 2 013
$814,600 $725,000
1,800 2,300
2 4.2
3,600 9,660
$226 $75
Mixed-Use
ADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE / Unit
$675,000 $658,624
2,552 2,850
$264 $231
3 3
$225,000 $219,541
WalkUps
ADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE / Unit
879-881 De Kalb Ave 716-718 Jefferson Ave 686 Willoughby Ave 378 Lewis Ave 474 Lafayette Ave 848 Madison St 401 Chauncey St 333 Vernon Ave 229 Bainbridge St 870 Bedford Ave 872 Jefferson Ave 669 Halsey St 937 Jefferson Ave 763 Putnam Ave 321 Chauncey St 382 Kosciuszko St
$4,600,000 $2,650,000 $1,800,000 $1,800,000 $1,400,000 $1,150,000 $1,000,000 $999,750 $862,500 $730,000 $700,000 $700,000 $700,000 $695,000 $650,000 $599,000
18,000 17,600 12,480 9,600 6,668 5,600 5,460 4,875 6,160 7,900 4,875 6,038 5,000 5,847 5,175 3,000
$256 $151 $144 $188 $210 $205 $183 $205 $140 $92 $144 $116 $140 $119 $126 $200
22 20 9 8 8 8 6 6 6 8 6 6 8 6 6 5
$209,091 $132,500 $200,000 $225,000 $175,000 $143,750 $166,667 $166,625 $143,750 $91,250 $116,667 $116,667 $87,500 $115,833 $108,333 $119,800
Specialty-Use
ADDRESS PRICE GROSS SF PRICE / SF
807 Quincy St
$570,000
3,192
$179
Industrial
ADDRESS PRICE GROSS SF PRICE / SF
484 Hancock St
$784,000
7,600
$103
N o rt h C e n t r a l B ro o k ly n P RO P E RT Y S A L E S
1 s t H a l f 2 013
Below are all sales completed during the 2nd Quarter of 2013
626 Flatbush Avenue 1699, 1703 Dean St 293 Hawthorne St 1238 Lincoln Pl; 991
Mixed-Us e
ADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE / Unit
252 Albany Ave 611 Nostrand Ave 697 Prospect Pl 1375 Bedford Ave
4 7 5 3
WalkUps
ADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE / Unit
345 Lefferts Ave, 130 Martense St 1373-1375, 1389 Sterling Pl 945 Park Pl 243 Troy Ave 132 New York Ave 1243 Dean St 623 St Marks Ave 1275 Nostrand Ave 84 A Rogers Ave 1565 Lincoln Pl 1076 Dean St
$11,850,000 $6,703,000 $1,950,000 $1,750,000 $1,250,000 $1,125,000 $1,020,000 $767,500 $745,000 $599,500 $825,000
101,284 65,197 10,600 10,108 4,014 4,548 3,600 4,500 3,036 6,000 3,360
$117 $103 $184 $173 $311 $247 $283 $171 $245 $100 $246
109 73 16 17 9 8 7 6 5 6 8
$108,716 $91,822 $121,875 $102,941 $138,889 $140,625 $145,714 $127,917 $149,000 $99,917 $103,125
Specialty Us e
ADDRESS PRICE GROSS SF PRICE / SF
Industrial
ADDRESS PRICE GROSS SF PRICE / SF
$680,000
4,979
$137
Retail
ADDRESS
GROSS SF GROSS SF
$800,000
4,560
$175
N o rt h C e n t r a l B ro o k ly n P RO P E RT Y S A L E S
1 s t H a l f 2 0 13
Below are all sales completed during the 2nd Quarter of 2013
WalkUps
ADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE / Unit
336 Evergreen Ave 222 Suydam St 864 Hart St 792 Hart St 1143 Greene Ave 303 Harman St 1301 Putnam Ave 788 Hart St 286 Suydam St 227 Wyckoff Ave 319 Menahan St 315 Schaefer St 1114 Willoughby Ave 30 Covert St
$2,000,000 $1,000,000 $900,000 $835,000 $825,000 $750,000 $740,000 $695,000 $680,000 $650,000 $625,000 $605,000 $600,000 $549,000
9,000 4,200 5,250 4,875 4,500 4,125 4,875 4,875 5,250 4,500 4,778 4,305 4,275 4,875
$222 $238 $171 $171 $183 $182 $152 $143 $130 $144 $131 $141 $140 $113
16 6 6 6 6 6 6 6 6 6 6 6 6 6
$125,000 $166,667 $150,000 $139,167 $137,500 $125,000 $123,333 $115,833 $113,333 $108,333 $104,167 $100,833 $100,000 $91,500
Mixed-Use
ADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE / Unit
307 Knickerbocker Ave 197 Wyckoff Ave 153 Wilson Ave 161 Wilson Ave 324 Central Ave 332 Central Ave
8 6 6 5 8 5
Develop.
ADDRESS PRICE Zoning LOT AREA FAR BSF PRICE / BSF
$2,500,000 $1,085,000
R6 R6
17000 7500
2.43 2.43
41,310 18,225
$61 $60
Specialty-Use
ADDRESS PRICE GROSS SF PRICE / SF
$1,200,000
5,580
$215
Retail
ADDRESS
GROSS SF GROSS SF
1639 Broadway
$850,000
6,900
$123
N o rt h C e n t r a l B ro o k ly n P RO P E RT Y S A L E S
1 s t H a l f 2 0 13
Recent Sales
404 Nostrand Avenue 211 Taaffe Place 216 Macon Street 319 Malcolm X Blvd. 654 Putnam Avenue 804 Macon Street 814 Macon Street 419 Marcus Garvey Blvd 421 Marcus Garvey Blvd 257 Quincy Street 308 Stuyvesant Avenue 570 Jefferson Avenue 788 Madison Street 790 Madison Street 940 Kent Avenue 433 Jefferson Avenue 886 Jefferson Avenue 355 Tompkins Avenue 653 Marcy Avenue 359 Lewis Avenue 101-107 Stockton Street 276 Throop Avenue 160 Pulaski Street 579 Greene Avenue 437 Jefferson Avenue 299 Throop Avenue 868 Dekalb Avenue 688 Halsey Street 1008 Gates Avenue 307 Lewis Avenue 527 Marcy Avenue 1116 Bedford Avenue 118 Ralph Avenue 192-194 Malcolm X Boulevard 302 Throop Avenue 43 Claver Place 184-98 Nostrand Avenue 448 Lafayette Avenue 138 St. Nicholas Avenue 303 Harman Street 599 Bushwick Avenue 211 Knickerbocker Avenue 611 Wilson Avenue 228 Wilson Avenue 307 Knickerbocker Avenue 274 Jefferson Street 782-86 Hart Street 245 Suydam Street 1002 Bushwick Avenue 428 Troutman Street 780 Hart Street 413 Troutman Street 383 Troutman Street 1223 Broadway 1564 Prospect Place 350 Empire Boulevard 441 Brooklyn Avenue 305 E. 34th Street 505 St. Marks Avenue 418 Utica Avenue 1000 Dean Street 363 Prospect Pl. / 244 St. Marks Avenue
BUSHWICK
BEDFORD STUYVESANT
PROSPECT HEIGHTS
CROWN HEIGHTS
$204,218,000 1,685,242
T H E M K A d v a n ta g e
Our team focuses exclusively on the sale of commercial properties Our attention is not distracted by other real estate activities such as residential sales or leases, appraisals and management. We focus primarily on the sale of multifamily, mixed-use, development and industrial properties. Other teams within Massey Knakal focus exclusively on leasing or on financing should you need these services. We only represent owners We remain the owners advocate throughout the sales cycle and absorb the logistical work associated with the process. We have the ability to bring many buyers to the table without the conflict of interest our competitors face when representing both buyers and sellers. We will actively co-broke with buyer brokers in order to cast the widest net. If you hire us, you are essentially hiring every broker with an interest in your property. We use a Territory System Each neighborhood is supported by a single Massey Knakal team that focuses specifically in a territory. Our team covers the territory of Bedford Stuyvesant, Bushwick, Crown Heights and Lefferts Gardens. We are experts in all real estate matters affiliated with our territory (i.e. who is buying & selling, recent sales, new developments, etc.). Our expertise and appreciation for our territory enables us to better justify to buyers why they should pay a higher price for your property. What has made us unique has also made us successful. As NYCs #1 Building Sales Firm, we have sold more then three times the properties as our nearest competitor.
Robert Moore Associate rmoore@masseyknakal.com (718) 238-8999 x 7046