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. A sign outside a storefront in Buffalo, New York.
    Environment

    Will Buffalo Become a Climate Change Haven?

    The Western New York city possesses a distinct mix of weather, geography, and infrastructure that could make it a potential climate haven. But for whom?

  2. photo: A vacant home in Oakland that is about to demolished for an apartment complex.
    Equity

    Fix California’s Housing Crisis, Activists Say. But Which One?

    As a controversy over vacancy in the Bay Area and Los Angeles reveals, advocates disagree about what kind of housing should be built, and where.

  3. A syringe sits on top of a car. Houses are behind it.
    Life

    The Changing Geography of the Opioid Crisis

    A new study shows that the country faces different opioid challenges in urban and rural areas.

  4. photo: a high-speed train in Switzerland
    Transportation

    The Case for Portland-to-Vancouver High-Speed Rail

    At the Cascadia Rail Summit outside Seattle, a fledgling scheme to bring high-speed rail from Portland to Vancouver found an enthusiastic reception.

  5. Environment

    The City Known for ‘Sewer Socialists’ Actually Has Great Sewers

    Milwaukee now averages a mere 2.4 combined sewer overflows a year, thanks to a massive underground tunnel, green infrastructure, and flood-control measures.

×