Commercial real estate in Brooklyn remained robust throughout the first half of 2012, according to a report from commercial realty group TerraCRG. Some 563 sales worth more than $1.23 billion were recorded, an increase of 50% in dollar volume over the period last year.

Downtown—which includes Brooklyn Heights in the report—and Park Slope led with the highest dollar volume of total sales ($341M, 78 transactions); while Williamsburg & Greenpoint region were second ($334M, 75 sales). Perhaps more surprising, the neighborhoods of Bed-Stuy, Bushwick, and Crown Heights had the largest amount of trades overall ($195M, 191 sales), also boasting 2.3 times the number of multi-family transactions over any other region of Brooklyn.

The TerraCRG report’s largest transaction in Brooklyn Heights from January-June 2012 was 75 Clinton Street, which sold for $50.825M, over $1,100/SF. As BHB reported in July, the new rental property at the corner of Montague Street (above Rite Aid) is now 90% leased, with 66 of the 74 units spoken for.

South Brooklyn, including the Heights, had the highest dollar volume of all commercial retail sales in the borough during the first half of 2012, with more than $50 million among a mere 11 transactions. See a round-up of the TerraCRG report here.

Source: Brooklyn Heights Blog
http://brooklynheightsblog.com/archives/45321

Brooklyn Heights rental property 75 Clinton—at the corner of Montague Street (above Rite Aid)—is 90% leased, with 66 of the 74 units spoken for. Units hit the market in early May 2012. In January, owner Dallas-based investment firm Invesco flipped the nine-story property from condos to rentals, citing the “booming rental market,” with plans to market the units from $2,800 to $7,000 a month.

According to Brownstoner, studios, one- and two-bedroom units have more than met demand, with monthly prices of $2,362 to $11,000 per month. Streeteasy lists three on the market for $11,000, $4,100 and $2,550 a month. Among building amenities: a 24-hour doorman, common rooftop terrace with harbor and Manhattan views, a fitness center and bike storage room. The Corcoran listing is here.

When the building was originally destined to be a condo, units were priced at $519,820 up to $1,699,000.

(Photo: Chuck Taylor)

Source: Brooklyn Heights Blog
http://brooklynheightsblog.com/archives/44579

A New York Post story on Sunday titled “The Rentals Are Rising” takes a look at 10 new upscale residential buildings that have recently begun leasing. The properties: Manhattan’s 100 John St., 116 John St., 290 Mulberry St., 247 E. 28th St. and 666 West End Ave.; Long Island City’s 4615 & 4540 Center Blvd.; and in Brooklyn, Williamsburg’s 365 Union St., Vinegar Hill’s 109 Gold St., Crown Heights’ 542 St. Mark’s Ave…. and Brooklyn Height’s own 75 Clinton Street.

The piece says of the latter: “Since it came on the market this spring, Brooklyn Heights’ 75 Clinton leased 50% of its 74 units. But what caught our attention was a 3-bedroom on the ninth floor [that] rented for a whopping $10,000 per month. The rest of the rents aren’t nearly so high (studios start at $2,800; studios with home offices are $3,210; 1 BR go for $3,660; 2 BR go for $5,000; and 3 BR are $7,630). But we’ll also say: Brooklyn rents are officially as crazy as Manhattan’s.”

The NYP also notes, “Vacancy rates are at historic lows and rents are at historic highs. And the number of new rental units coming to the Manhattan market in 2012 is relatively small: 2,596 apartments, according to Citi Habitats, the smallest figure in seven years.” That certainly offers one reason for the outer boroughs influx.

Read the full Post piece and see property photos here.

(Photo: NYP)

Source: Brooklyn Heights Blog
http://brooklynheightsblog.com/archives/42158