Coffee & Cap Rates
Good morning and welcome to the Coffee & Cap Rates Podcast, your go-to source for New York City's latest commercial real estate insights. This program is brought to you by Ariel Property Advisors.
Coffee & Cap Rates
2/29/2024: Episode 88 - Brooklyn 2023 Year-End Commercial Real Estate Trends featuring Sean R. Kelly and Stephen Vorvolakos
Brooklyn finished 2023 with investment sales totaling $5.15 billion, a 46% decline from the record-breaking 2022, which saw dollar volume top $9.5 billion, according to Ariel Property Advisors’ Brooklyn 2023 Year-End Commercial Real Estate Trends report.
Transactions also fell 30% to 839 compared to 1,206 the year before.
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, and his guests Sean R. Kelly, Esq., Partner, and Stephen Vorvolakos, Director in Investment Sales, who specialize in investment property sales in Brooklyn, discuss the findings in the year-end report, the role interest rates played in the market last year and the need for lawmakers to pass legislation to encourage new development.