In the Brooklyn submarket, there were $310 million of sales in the third quarter, which is the borough’s lowest quarterly total of the year. Thus far in 2011, there have been $1.05 billion of sales volume, which is on pace for about $1.4 billion for the year. If the market stays on this pace, this total will be 33 percent higher than the $1.05 billion in 2010 and more than double the $692 million of sales that occurred in 2009. If the projected $1.4 billion sales are achieved in Brooklyn this year, it will still represent a 64 percent decrease from the $3.85 billion that occurred at the peak of the market in 2007.
In terms of the number of buildings sold, there were 173 sales in 3Q11 and a total of 529 in the first three quarters. Extrapolating for the year would result in 705 properties being sold, a 22 percent increase over the 577 sold last year and a 52 percent increase from the 465 properties sold in 2009. This represents the second-strongest recovery in the non-Manhattan submarket, taking second place to Northern Manhattan. If the projected 705 sales in 2011 is achieved, this figure would remain 63 percent below the 1,916 properties sold at the peak of the market in 2006.
