Progress Capital directly funded a $4,000,000 bridge loan and closed in 15 days! The loan allowed our client to purchase three contiguous land parcels in Williamsburg, NY, with different sellers to form an extremely valuable assemblage.
“Williamsburg continues to be red hot,” said Kathy Anderson of Progress Capital. Red Sky Capital recently set the record when it purchased two development sites for $3,200 and $2,500 per buildable square foot, making it the highest PSF price in Brooklyn behind Thor Equities who purchased a site on North 6th Street at $885 per buildable square foot, as reported in The Real Deal.
Some other noteworthy trends in Brooklyn are:
- Average residential sales prices increased 19% per buildable square foot
- Total commercial sales exceeded $6.7 Billion, up 25%
- North Brooklyn is now selling for over $539 per buildable square foot
- North Brooklyn saw the highest total buildable square feet sold at over 2.4 Million
- Downtown Brooklyn and North Brooklyn still account for over 65% of the sales activity
We are seeing the frenzy each day as there is still money chasing deals in Brooklyn. “Our clients continue to purchase and/or assemble smaller buildings with the plan to relocate tenants, renovate and reposition old tired properties into Manhattan-esque product,” commented Brad Domenico.
While there does not seem to be any headwind in sight, investors are paying close attention to interest rates as a rise in rates could affect pricing although it is unlikely to derail the momentum in areas such as Williamsburg.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress