YEAR-END MULTIFAMILY MARKET SUMMARY
The Brooklyn Multifamily market saw ~$972M of sales volume across 195 separate transactions in 2024. There were a few themes that were tracked:
Flight to Quality: There was ~$570M of sales volume in the “Prime Markets” of Greater Downtown and North Brooklyn. In a higher rate environment, investors flocked to the best neighborhoods.
Capitalization Rate Expansion: Cap rates increased by an average of 21 basis points quarter over quarter in 2024, with the pace accelerating as the year progressed. This upward trend was driven primarily by rising interest rates and the Fed’s reluctance to pivot, along with concerns over HSTPA and other potentially harmful legislation in the pipeline. Q1: 6.47% | Q2: 6.57% | Q3: 6.75% | Q4: 7.09%
Focus on smaller tax protected product has been a theme of the market since the passage of HSTPA in 2019, wherein upside in larger buildings was effectively eliminated, while taxes, insurance and operating expenses continue to rise. Buildings with 10 or fewer units in the protected 2A/2B tax classes made up just over 70% of transaction volume this year.
$972,035,631
DJ JOHNSTON Executive Vice President
HENRY HILL Senior Associate
385 VERNON AVE 137 PROSPECT AVE 132 NORMAN AVENUE
Neighborhood: Bedford-Stuyvesant
Price: $6,200,000
Gross SF: 14,615
Units: 16
$ / SF: $424
$ / Unit: $387,500
Description: City Urban Realty sold a fully free market 16-unit multifamily building for a 6.85% CAP to a private investor
Neighborhood: Gowanus
Price: $5,000,000
Gross SF: 8,652
Units: 9
$ / SF: $578
$ / Unit: $555,556
Description: Matthews Brooklyn Agents sold this newly constructed 9-family toa 1031 buyer at a 6.4% CAP on the abated taxes.
Neighborhood: Greenpoint
Price: $2,600,000
Gross SF: 5,500 SF
Units: 8 $ / SF: $473
$ / Unit: $325,000
Description: Related, as part of their Sandy Fund, sold the 8-unit walkup in Greenpoint to ABJ Properties for a 6.5% Cap.
540 OCEAN AVENUE 1329 HANCOCK ST 109 GOLD STREET
Neighborhood: Prospect Park South
Price: $4,250,000
Gross SF: 46,452
Units: 40
$ / SF: $91
$ / Unit: $106,250
Description: Through a short-sale, a private investor purchased this rentstabilized 40-unit building for a 7.8% Cap.
Neighborhood: Bushwick
Price: $3,250,000
Gross SF: 5,250
Units: 6
$ / SF: $658
$ / Unit: $541,667
Description: Matthews Brooklyn Agents sold this gut renovated FM 6-family at a6.5% CAP to an English crowdfunding platform.
Neighborhood: Vinegar Hill
Price: $15,050,000
Gross SF: 34,395
Units: 33
$ / SF: $438
$ / Unit: $456,061
Description: The Mann Group purchased the new construction elevator building in Vinegar Hill for a 7% Cap.
YEAR-END MIXED-USE & RETAIL SUMMARY
The second half of 2024 witnessed a significant uptick in transaction volume and overall sales dollar volume compared to the first half of the year. Sales activity rose sharply, increasing from 183 to 240 transactions—a 31.5% growth. Similarly, the total dollar volume soared from $498 million to $1.61 billion, reflecting an impressive 133% increase.
This surge was primarily fueled by a retail buying frenzy in Williamsburg and Greenpoint, which accounted for 47 transactions totaling $398 million. These neighborhoods also demonstrated premium pricing, achieving an average of $1,135 per square foot (PSF), significantly higher than Brooklyn’s overall average of $565 PSF. This trend underscores a recurring theme in both NYC and Brooklyn’s commercial real estate markets: an investor flight to quality.
Brooklyn’s retail and mixed-use markets are showing strong signs of recovery despite persistent capital market challenges and higher-than-expected interest rates. In total, Brooklyn recorded 420 transactions in 2024, generating an aggregate sales volume of$1.659 billion. These figures highlight the resilience of the borough’s retail sector as it navigates a shifting economic landscape.
MIXED-USE & RETAIL TRANSACTIONS
$1,659,093,978
JERMAINE PUGH
BRYAN KIRK
YEAR-END NOTABLE TRANSACTIONS
MIXED-USE & RETAIL
168-170 WYTHE AVE 111 N 6TH STREET 159 FRANKLIN ST
Neighborhood: Williamsburg
Price: $10,400,000
Gross SF:10,741
Units: 6
$ / SF: $968
Description: L3 sold a vacant mixed-use building, consisting of 5 apartments and a commercial space, to Ryco Capital.
FLATBUSH AVE
Neighborhood: Flatbush
Price: $1,475,000
Gross SF: 4,420
Units: 3
$ / SF: $334
Description: Elo Organization sold a partially vacant mixed-use building to a1031 exchange buyer. The upstairs residential units, which had been vacant for over 15 years, required a full gut renovation. These spacious, fullfloor apartments offered flexibility for reconfiguration, including potential 3–4-bedroom layouts.
Neighborhood: Williamsburg
Price: $35,000,000
Gross SF: 7,684
$ / SF: $4,555
Description: L3 sold a new construction commercial building, which is the flagship store for Hermes in Brooklyn, to ESRT.
CHURCH AVE
Neighborhood: East Flatbush
Price: $1,999,500
Gross SF: 5,500
Units: 4
$ / SF: $363
Neighborhood: Greenpoint
Price: $6,100,000
Gross SF: 4,700
Units: 4
$ / SF: $1,297
Description: Dax Real Estate sold the fully renovated, corner mixed-use building o Cody Ventures for a mid 5% cap.
Description: James Geritano acquires a corner mixed-use building consisting of 5apartments over 2 stores. 768
Description: Joey Betesh sold this 5,500 SF value-add, single-story retail building featuring three units and nine parking spaces. The buyer, a local investor and grocery store operator, intends to renovate and occupy the vacant units.
Neighborhood: Carroll Gardens
Price: $4,500,000
Gross SF: 5,708
Units: 4
$ / SF: $788
NOTABLE TRANSACTIONS BROOKLYN DEVELOPMENT
133 KENT AVE
Neighborhood: Williamsburg
Price: $48,289,000
BSF: 72,000
$ / BSF: $670
Description: L3 Capital sold the vacant corner lot to Joyland Group, who plans to build 43 condo units with 17,000 square feet of ground floor retail space.
415 SMITH ST
Neighborhood: Carroll Gardens
Price: $4,250,000
BSF: 12,600
$ / BSF: $337
Description: Matthews facilitated the sale of 415 Smith Street from an end user to a residential developer.
72 3RD AVE MOORE ST ASSEMBLAGE
Neighborhood: Gowanus
Price: $22,000,000
BSF: 110,000
$ / BSF: $200
Description: Elo Group sold the vacant lot to Goose Property Management, who plans to build a mixed-use rental project.
Neighborhood: East Williamsburg
Price: $41,300,000
BSF: 202,884
$ / BSF: $204
Description: Fortress Investment Group sold this commercial development site to Bungalow Projects, who plans to build a 345,000 SF soundstage.
INDUSTRIAL/COMMERCIAL
170 2ND AVENUE | GOWANUS
Sale Price: $5,760,000 ($411 / SF)
Vacant 14,000 SF Commercial Building
Sold to End-User, All Cash, As-Is
DEVELOPMENT
1377 BROOKLYN AVENUE | FLATBUSH
Sale Price: $7,200,000 Up to 80,000 BSF for Affordable Housing Client was Cristo Rey, a Local Non-Profit
DEVELOPMENT
415 SMITH STREET | CARROLL GARDENS
Sale Price: $4,250,000 ($337 / BSF)
5,900 SF Warehouse | 12,600 Buildable SF
Sold to Local Residential Developer
MULTIFAMILY
1329 HANCOCK STREET | BUSHWICK
Sale Price: $3,250,000 (6.48% Cap)
Fully Renovated 6-Family Free Market, Sold to an Investor for $658/SF
2024 YEAR IN REVIEW
SOLD BY MATTHEWS™ AGENTS
GROUND LEASE | DEVELOPMENT
301-349 HIMROD STREET | BED-STUY
99-Year Term, Market Resets
36,300 Buildable SF
Inquire for Details
MULTIFAMILY
137 PROSPECT AVENUE | GOWANUS
Sale Price: $5,000,000 (6.37% Cap)
New Construction 9-Family Mix of Free Market and Rent Stabilized
INDUSTRIAL/COMMERCIAL
120 EVERGREEN AVENUE | BUSHWICK
Sale Price: $3,250,000 ($485/SF)
Vacant 6,700 SF M1-1 Warehouse
Bank-Owned (REO)
MIXED-USE
768 FLATBUSH AVENUE | FLATBUSH
Sale Price: $1,475,000 ($334 / SF)
4,420 SF Existing on 20’ x 121’ Lot
Ground Floor Occupied, Upper Floors Vacant
2024 YEAR IN REVIEW
SOLD BY MATTHEWS™ AGENTS
MIXED-USE
1056 ROGERS AVENUE | FLATBUSH
Sale Price: $1,700,000 ($327 / SF)
4 Res. / 1 Comm. Corner, Fully Occupied
INDUSTRIAL
161 27TH STREET | GREENWOOD HEIGHTS
Sale Price: $875,000 ($292 / SF)
3-Story, 3,000 SF Commercial Building
Registered I-Card Suggests Previously a 5-Family
AUCTION PLATFORM | DEVELOPMENT
418 NORTH DIVISION STREET | PEEKSKILL, NY
Sale Price: $3,650,000
1 Acre Site, 700 Feet of Frontage, ~185K Buildable
Auction Conducted via Crexi Platform
MULTIFAMILY
224 WEIRFIELD STREET | BUSHWICK
Sale Price: $1,605,000 ($504 / SF)
Renovated 3-Family Townhome
1,220 SF of Additional Air Rights
SPECIALTY | DEVELOPMENT
209 FLAGG PLACE | STATEN ISLAND
Sale Price: $5,650,000
Up to 174K Buildable SF
32-Room Colonial Revival-Style Mansion
MULTIFAMILY
171 27TH STREET | GREENWOOD HEIGHTS
Sale Price: $1,150,000 ($425 / SF)
Fully Occupied 3-Family
In-Place Rents Were Well Below Market
MIXED-USE
88-08 LIBERTY AVENUE | OZONE PARK
Sale Price: $1,200,000 ($300 / SF)
2-Story 1 Res. / 1 Comm.
Fully Renovated and Occupied
RETAIL
5402 CHURCH AVENUE | EAST FLATBUSH
Sale Price: $2,000,000 ($526 / SF)
38’ x 100’ Retail Building on 87’ x 100’ Lot
Delivered Vacant
2024 YEAR IN REVIEW
UNDER CONTRACT | BROOKLYN, NY
INDUSTRIAL
150-158 19TH STREET
GREENWOOD HEIGHTS
Vacant 125’ x 100’ Single Story Warehouse
Zoned M1-2D
MIXED-USE
65 KENT AVENUE | WILLIAMSBURG
Fully Occupied 2-Family Over Restaurant
Premier Location on WB Waterfront
MULTIFAMILY
422 BLEECKER STREET | BUSHWICK
Fully Occupied and Rent Stabilized
Upside in Legal Rents
COMMERCIAL BUILDING
129 20TH STREET | GREENWOOD HEIGHTS
3-Story Corner with Office Over Retail
Zoned M1-2D, 78’ of Frontage on 3rd Avenue
2024 YEAR IN REVIEW
UNDER CONTRACT | BROOKLYN, NY
MULTIFAMILY
164 6TH AVENUE | PARK SLOPE
Vacant 5-Family Brownstone Significant Value-Add Opportunity
INDUSTRIAL
2752 W 15TH STREET | CONEY ISLAND
80’ x 234’ Single Story Warehouse 28,505 Buildable SF (M1-2)
MULTIFAMILY
499 MONTGOMERY STREET CROWN HEIGHTS
Vacant 2-Family with Garage Value-Add or Owner-User Opportunity
DEVELOPMENT SITE
286 ATLANTIC AVENUE | BOERUM HILL
DOB approved Plans for 6,800 SF Condo Project
Well Located Near Barclays, Atlantic Terminal
HEADING INTO 2025
AVAILABLE INVENTORY | BROOKLYN, NY
MULTIFAMILY 12-BUILDING PORTFOLIO
BUSHWICK / BED STUY / OCEAN HILL
Asking $28,500,000
82 Units | 91% FM | 6.62% Cap
MULTIFAMILY 2823-2825 SNYDER AVENUE FLATBUSH
Asking $7,100,0000 (6.10% Cap)
2X New Construction 9-Family
COMMERCIAL / INDUSTRIAL 2ND AVENUE PORTFOLIO SUNSET PARK
Asking $22,950,000 56K 2-Story Commercial
INDUSTRIAL/COMMERCIAL
342 TEN EYCK STREET
EAST WILLIAMSBURG
Asking $4,950,000
8,600 SF Warehouse w/Air Rights
MULTIFAMILY
1118 WILLOUGHBY AVENUE BUSHWICK
Asking $3,950,000 (6% Cap)
Free Market, Renovated 6-Family
MULTIFAMILY
884 JEFFERSON AVENUE
BEDFORD STUYVESANT
Asking $2,950,000
Free Market, Renovated 6-Family
MULTIFAMILY 146 LINDEN BOULEVARD FLATBUSH
Asking $6,500,000 (6.10% Cap)
New Construction 18 Units
INDUSTRIAL/COMMERCIAL 439 20TH STREET GREENWOOD HEIGHTS
Asking $4,050,000
83’ x 100’ Warehouse (M1-1) MULTIFAMILY 72A-74 UTICA AVENUE CROWN HEIGHTS
Auction Date: Feb 24, 2025
Conversion / Redevelopment
MULTIFAMILY
641 CENTRAL AVENUE BUSHWICK
Asking $2,950,000
Free Market, Renovated 8-Family
HEADING INTO 2025
AVAILABLE INVENTORY | BROOKLYN, NY
DEVELOPMENT/ COMMERCIAL
3144 ATLANTIC AVENUE
EAST NEW YORK
Asking $18,000,000 ($88/IH BSF)
205K IH BSF | 78K SF Existing
MULTIFAMILY
199-201 CHAUNCEY STREET
BEDFORD STUYVESANT
Asking $5,400,000 (6.50% Cap)
2X New Construction 8-Family
COMMERCIAL/INDUSTRIAL 413 20TH STREET
GREENWOOD HEIGHTS
Asking $8,000,000 Vacant Warehouse w/Office
DEVELOPMENT/SPECIALTY
20 GARDEN STREET
BREWSTER, NY
Auction Platform
60K SF Former School on 10 Acres
MULTIFAMILY 771-773 E 32ND STREET
FLATBUSH
Asking $5,000,000 (6.51% Cap) 2X New Construction 6-Family
MULTIFAMILY
2724 PITKIN AVENUE
EAST NEW YORK
Asking $3,500,000 (7.25% Cap)
Renovated Free Market 13 Units
MIXED-USE 1893-1895 EASTERN PARKWAY
OCEAN HILL
Asking $3,400,000 (6.90% Cap)
Free Market 8 Res. / 3 Comm
MULTIFAMILY
481 CHAUNCEY STREET
OCEAN HILL
Asking $2,600,000 (6.91% Cap)
Free Market, Renovated 6-Family
MULTIFAMILY 171 HANCOCK STREET
BEDFORD STUYVESANT
Asking $3,250,000 (6.70% Cap) 10 Residential Units, 70% FM
MULTIFAMILY
90 STARR STREET
BUSHWICK
Asking $2,500,000 (6.15% Cap)
Renovated 6-Family, 83% FM
HEADING INTO 2025
AVAILABLE INVENTORY | BROOKLYN, NY
MIXED-USE
577 NEW LOTS AVENUE
EAST NEW YORK
Asking $2,250,000 (7.25% Cap)
Corner 11-Unit
MIXED-USE
580 SENECA AVENUE
RIDGEWOOD, QUEENS
Asking $1,950,000
Free Market 5 Res./1 Comm.
MULTIFAMILY
125 ROGERS AVENUE
CROWN HEIGHTS
Asking $1,450,000 ($270/SF)
RS 6-Family, Partial Vacancy
MIXED-USE
660 SENECA AVENUE
RIDGEWOOD, QUEENS
Asking $1,500,000
Free Market 2 Res. / 1 Comm.
MULTIFAMILY
417 MENAHAN STREET
BUSHWICK
Asking $950,000 ($158K/Unit)
RS 6-Family w/Vacancy
MULTIFAMILY
316 6TH STREET
PARK SLOPE
Asking $2,200,000 ($275K/Unit)
8-Family w/Vacancy
MULTIFAMILY
565 CHAUNCEY STREET
OCEAN HILL
Asking $1,750,000
Free Market, Renovated 3-Family DEVELOPMENT
438 HERKIMER STREET
BEDFORD STUYVESANT
Asking $1,500,000
REO | Stalled Dev Site
MULTIFAMILY
155 EVERGREEN AVENUE
BUSHWICK
Asking $995,000 (6.8%+ Cap)
RS 6-Family, 2 Renovated Units
DEVELOPMENT
128 NINTH STREET
GOWANUS
Asking $925,000
Vacant Commercial Lot, 20’ x 75’
HEADING INTO 2025
AVAILABLE INVENTORY | BROOKLYN, NY
MIXED-USE
7102 MYRTLE AVENUE
RIDGEWOOD, QUEENS
Asking $2,000,000
Free Market, Value-Add
MIXED-USE
202-204 OCEAN AVENUE
JERSEY CITY, NJ
Asking $1,650,000 (6.89% Cap)
8 Res. / 2 Comm.
MULTIFAMILY
57 TROUTMAN STREET
BUSHWICK
COMING SOON
50% Free Market 6-Family
MULTIFAMILY
1511 DEKALB AVENUE
BUSHWICK
COMING SOON
33% Free Market 6-Family
MULTIFAMILY
393 BLEECKER STREET
BUSHWICK
COMING SOON
83% Free Market 6-Family
MULTIFAMILY
382 KOSCIUSZKO STREET
BEDFORD STUYVESANT
Free Market, Renovated 5-Family
MULTIFAMILY
1886 EASTERN PARKWAY
OCEAN HILL
Asking $1,600,000 (7.00% Cap)
Free Market, Renovated 6-Family
MULTIFAMILY
188 SUYDAM STRET
BUSHWICK
COMING SOON
Free Market, Renovated 6-Family
MULTIFAMILY
49 ST NICHOLAS AVENUE
BUSHWICK
COMING SOON
33% Free Market 6-Family
MULTIFAMILY 17-26 WOODBINE STRET
RIDGEWOOD
COMING SOON
Free Market, Renovated 6-Family
HEADING INTO 2025
AVAILABLE INVENTORY | BROOKLYN, NY
MULTIFAMILY
16-73 WOODBINE STREET
RIDGEWOOD
COMING SOON
Free Market, Renovated 6-Family
MULTIFAMILY
18-23 CORNELIA STREET
RIDGEWOOD
COMING SOON
50% Free Market 6-Family
MULTIFAMILY
18-67 CORNELIA STREET
RIDGEWOOD
COMING SOON
Free Market, Renovated 6-Family
MULTIFAMILY
791 ONDERDONK AVENUE
RIDGEWOOD
COMING SOON
57% Free Market 7-Family
MIXED-USE
271 MALCOLM X BOULEVARD
BEDFORD STUYVESANT
COMING SOON
78% FM 7 Res. / 2 Comm.
MULTIFAMILY
16-75 WOODBINE STREET
RIDGEWOOD
COMING SOON
67% Free Market 6-Family
MULTIFAMILY
18-25 CORNELIA STREET
RIDGEWOOD
COMING SOON
17% Free Market 6-Family
MULTIFAMILY
18-89 CORNELIA STREET
RIDGEWOOD
COMING SOON
67% Free Market 6-Family
MULTIFAMILY
61-47 WOODBINE STREET
RIDGEWOOD
COMING SOON
88% Free Market 8-Family
MULTIFAMILY
2127 ATLANTIC AVENUE
OCEAN HILL
Asking $1,350,000
Renovated 3-Family
HEADING INTO 2025
AVAILABLE INVENTORY | BROOKLYN, NY
MULTIFAMILY
553 MORGAN AVENUE GREENPOINT
COMING SOON
Value-Add 3-Family
MIXED-USE / DEVELOPMENT
264-268 3RD AVENUE GOWANUS
COMING SOON
60’ Frontage on 3rd Ave | 11K BSF
MULTIFAMILY
16-65 CORNELIA STREET RIDGEWOOD
COMING SOON
Renovated / Amenitized 6-Family
One of the best references you can use when searching for properties to purchase in Brooklyn is the Matthews Brooklyn Investment Sales landing page. There are currently roughly 50 properties on the market (30 multifamily, 10 Development, and 10 Industrial / Retail). This offers an easy one-stop look at what’s available, in what locations, and at what Cap Rates. Click the image to see complete and accurate property specs so you can underwrite with confidence.
If you plan to be in the market, we would love to speak to you. Give us a call or email us to connect.
JERMAINE PUGH Associate Vice President jermaine.pugh@matthews.com
BRYAN KIRK Associate Vice President bryan.kirk@matthews.com
BOBBY LAWRENCE Associate Vice President bobby.lawrence@matthews.com
HENRY HILL Senior Associate henry.hill@matthews.com
H. MICHAEL CHARDACK Associate henry.chardack@matthews.com EVAN KASHANIAN Associate evan.kashanian@matthews.com
WILLIAM CHENG Sales Analyst william.cheng@matthews.com DJ JOHNSTON Executive Vice President dj.johnston@matthews.com
ROBERT MOORE Director of NY Business Operations robert.moore@matthews.com
