2024 Year-End North Brooklyn Multifamily Market Report
Market Overview
The North Brooklyn multifamily market is down from 2023’s numbers, with a total of 72 transactions compared to 2023’s total of 108. Although there were fewer total transactions from last year, Q4 of 2024 finished with the same total number of transactions as Q4 of 2023.
The 72 transactions totaled $237M in dollar volume, which is nearly half of 2023’s total dollar volume of $442.2M. The median deal size for 2024 was $1.9M, with a median PPSF of $355.
It is interesting to note that over 50% of the transactions came from Bushwick but accounted for only 34.71% of the total dollar volume. On the other hand, Williamsburg made up 20.83% of the transactions but contributed 45.99% of the total dollar volume.
Since the passing of HSTPA in 2019, rent-stabilized assets have become significantly less desirable to investors. This is due to the lack of upside, tenant issues, and the risk of building expenses outpacing revenue each year. This has caused a significant disparity in pricing between the two asset classes across North Brooklyn. Properties that are 100% rent-stabilized traded at an average PPSF of $234, while all other multifamily assets traded at an average PPSF of $552.
2024 Transaction Volume By Neighborhood
- Williamsburg: 15 Transactions | $109M
- Bushwick: 38 Transactions | $81M
- Greenpoint: 19 Transactions | $47M
