Shutterstock

The borough is on track to hit $2 billion in property sales this year.

In Brooklyn, good times are back.

According to a report by real estate firm Massey Knakal, property sales are up 12 percent in the first quarter 2012 compared to this time last year. Overall, sales were $683 million, double what they were at this time last year. If the borough continues to burn through real estate at this pace, sales consideration will top $2 billion for the first time since 2008.

Brooklyn is having a standout quarter compared to the rest of the city, where sales performed modestly ("disappointingly not better and simultaneously happily not worse" than the fourth quarter of 2011). Hat tip to Brownstoner for the report.

Photo credit: Jonathan Feinstein /Shutterstock

About the Author

Most Popular

  1. Design

    A History of the American Public Library

    A visual exploration of how a critical piece of social infrastructure came to be.

  2. A photo of a new car dealership
    Transportation

    Subprime Auto Loans Are Turning Car Ownership Into a Trap

    A record 7 million Americans are three months late on their car payments, revealing what could be cracks in the U.S. economy.

  3. Life

    The Town Where Retirees Can’t Retire

    In fast-aging pockets of rural America, older residents are going back to work. But not always because they need the money.

  4. Transportation

    You Can’t Design Bike-Friendly Cities Without Considering Race and Class

    Bike equity is a powerful tool for reducing inequality. Too often, cycling infrastructure is tailored only to wealthy white cyclists.

  5. Equity

    Capturing Black Bottom, a Detroit Neighborhood Lost to Urban Renewal

    “Black Bottom Street View,” now exhibiting at the Detroit Public Library, thoughtfully displays old images of the historic African American neighborhood in its final days.