< Back to Insights
Category: Multifamily Tags: Brooklyn, NY

Q1 Brooklyn Multifamily Market Report

Market Overview

The Brooklyn multifamily market was off to a modest start in the first quarter of 2024, with a total dollar volume of $255M–just off pace to match 2023’s total volume of $1.1B.


The $255M was spread over 47 transactions totaling just under 800,000 square feet, with an average deal size of $5.4M and a median price per square foot of $411. Properties in the protected 2A/2B tax class (5-10 units) dominated the number of transactions with 36, while properties with 11 units or more in the unprotected tax class 2 dominated dollar volume with $143M.


Since the passage of HSTPA in 2019, investors have flocked to smaller properties in the 2A/2B tax class, where there is still an opportunity to purchase free market units and add value, while their tax increases are capped. On the flip side, larger, predominantly rent stabilized buildings attract a significantly smaller buyer pool as expense growth outpaces rent growth.


Brooklyn Highlighted Transactions: The Fund Activity

One particular private equity group has a targeted fund dedicated to purchasing renovated, free market buildings in the 2A and 2B tax classes. In Q1 2024 they purchased just under $50M across seven (7) transactions, averaging $1,000 per square foot.



  • 269 Henry Street – Brooklyn Heights – $14,105,672
  • 33-35 Lexington Avenue – Clinton Hill – $8,370,000
  • 38 3rd Street – Carroll Gardens – $6,900,000
  • 377 13th Street – Park Slope – $6,154,343
  • 549 Meeker Avenue – Greenpoint – $4,618,000
  • 249 St Nicholas Avenue – Bushwick – $3,240,000
  • 389 Sumpter Street – Ocean Hill – $3,206,458


Request access to the full Brooklyn Multifamily Market Report today!

Recent Articles

Recent Media & Thought Leadership