2025 Foreclosure Report: Manhattan Hits 15-Year Record as NYC Foreclosure Activity Accelerates

Key Takeaways:

• NYC foreclosures rise 8% Y-o-Y to 1,588 first-time filings.
• Manhattan closes record year with 208 residential foreclosures, the highest figure in at least 15 years.
• Foreclosure incidence jumps 35% Y-o-Y in the Bronx.
• Queens claims NYC’s foreclosure hotspot as zip 11434 concentrated 50 unique filings.
• Staten Island marks second consecutive year as NYC’s slowest foreclosure market.
• Brooklyn and Manhattan supply NYC’s priciest residential foreclosures.
• Manhattan claims four of the five priciest commercial filings.

NYC Overview

Brooklyn & Queens Steady as Manhattan & Bronx Heat Up

The NYC foreclosure market heated up in 2025, totaling 1,588 first-time filings, 8% more than the previous year. Still, the market remained slightly below 2023 levels, the most active post-pandemic year yet for the NYC distressed property sector with 1,619 first-time filings.

As is usually the case, the bulk of NYC foreclosure filings in 2025 was supplied by Queens (587) and Brooklyn (460). However, the sharpest increases in filings were logged in Manhattan and the Bronx, where activity rose 28% and 35% Y-o-Y, respectively. For Manhattan, that meant that 2025 closed with record foreclosure activity levels totaling 208 first-time filings — the highest annual figure since at least 2010 (the year PropertyShark started tracking NYC foreclosures regularly).

By comparison, despite heating up in 2025, Bronx foreclosures remained well below pre-pandemic levels after totaling 194 first-time filings, which was lower than even some of the borough’s quarterly figures in the past. Meanwhile, Staten Island inched out 2024’s record-low activity, but only by three additional cases to total 139 new foreclosures in 2025.

NYC Asset Types

2-Family Homes Drive NYC Foreclosures, Condo Filings Contract

Two-family homes remained the leading residential property type for NYC foreclosures for the third consecutive year. Specifically, there were 540 new two-family foreclosures, 12% more than in 2024, followed by 507 single family foreclosures, 8% more than the year prior. Co-op foreclosure also heated up, rising 29% Y-o-Y to 345 first-time filings after dipping in 2024.

Conversely, condos went against the grain with 24% fewer new filings logged in 2025. It’s worth mentioning here that this was the fourth consecutive year that condos were the least foreclosed on residential asset type in the city.

Manhattan

15-Year Foreclosure Peak With 208 Annual Cases in Manhattan

Manhattan’s foreclosure sector closed 2025 at unprecedented levels of activity, reaching 208 first-time filings — the highest annual figure in at least a decade. Not only that, but Manhattan foreclosures were also up 28% compared to 2024 with zip 10022 the most active for new filings. Here, zip 10022 supplied 15 of the borough’s first-time filings in parts of neighborhoods like Sutton Place, Central Midtown and Turtle Bay.

For comparison, Manhattan totaled 15 new filings in the entirety of Q3 2022, further highlighting the recently accelerated pace of foreclosures in the borough. In fact, the last three years have been the most active for Manhattan’s foreclosure sector since at least 2010.

Manhattan also stood out with the city’s most expensive residential foreclosure in 2025: A 3,726-square-foot penthouse at the Metropolitan Tower that hit the auction block with a $9.74 million lien back in March. Also among the five priciest residential liens called in last year was a 2,300-square-foot unit at The Barbizon 63, which went at the same time with a $3.38 million lien.

Notably, Manhattan also dominated the city’s priciest commercial foreclosures. Specifically, four of the five highest liens attached to foreclosed NYC commercial properties were located in Manhattan. They included the 558,735-square-foot, LEED Gold office building at 340 Madison Ave. — which came up in March 2025 with a $366 million lien — as well as the 52,727-square-foot Scribner Building that went to auction in late April with a $140 million lien.

Top 5 NYC Commercial Auctions by Lien Amount in 2025

Rank	Borough	Address	Lien Amount	Auction Date	REO
1	Manhattan	340 Madison Ave.	$366,217,883	3/13/2025	Yes
2	Manhattan	597 5th Ave.	$140,382,151	4/30/2025	Yes
	Manhattan	3 E 48th St.
3	Manhattan	57 E 11th St.	$61,766,450	9/17/2025	Yes
4	Brooklyn	180 Nassau St.	$58,063,773	3/13/2025	Yes
5	Manhattan	1369 Broadway	$41,881,624	5/14/2025	Yes

Queens

Queens Leads with 37% of NYC Foreclosure Filings

In 2025, Queens foreclosures remained on par with 2024 levels, edging up a negligible 1% Y-o-Y to 587 first-time filings, still significantly below pre-pandemic figures. Perpetually NYC’s most active foreclosure market, Queens yet again also supplied the city’s foreclosure epicenter: Zip 11434 in the Springfield Gardens, Rochdale, Jamaica and Saint Albans area logged 50 first-time filings throughout 2025 to concentrate 3% of NYC’s annual caseload.

As the city’s most active residential foreclosure market, Queens was bound to stand out in terms of 2025’s most expensive foreclosures, as well. In particular, the borough was home to the third-priciest residential lien to hit the block last year — a five-parcel property package on the corner of Kneeland Avenue and Manilla Street that went to auction with a $4.79 million lien. The package deal consisted of five two-family brick homes ranging between 1,880 and 2,080 square feet.

Top 5 NYC Residential Auctions by Lien Amount in 2025

Rank	Borough	Address	Lien Amount	Auction Date	REO
1	Manhattan	146 West 57th St. #PH A	$9,741,430	3/26/2025	Yes
2	Brooklyn	348 Quincy Street	$4,805,466	8/14/2025	Yes
3	Queens	51-99 Manilla St.	$4,793,648	8/15/2025	Yes
	Queens	51-101 Manilla St.
	Queens	51-105 Manilla St.
	Queens	51-107 Manilla St.
	Queens	51-111 Manilla St.
4	Brooklyn	14 East 21st St.	$3,512,710	2/13/2025	Yes
5	Manhattan	140 East 63rd St. #6C	$3,383,960	3/26/2025	Yes

Brooklyn

2025 Foreclosure Activity Nearly Flat in Brooklyn

Similarly to Queens, Brooklyn’s foreclosure market remained essentially flat, rising just 2% Y-o-Y to 460 first-time filings. Of these, 48 unique cases were filed in zip 11236 — Brooklyn’s recurring foreclosure hotspot in the Canarsie and East Flatbush area.

That said, Brooklyn’s 2025 foreclosure total also represented a 15% contraction compared to 2023, the borough’s most active post-pandemic year to date. Overall, Brooklyn foreclosures continue to remain well below pre-pandemic levels. 

Notably, Brooklyn did claim two of the top five priciest foreclosures of the year, including the second-most expensive — a 2,856-square-foot, two-family, brick home in Bedford-Stuyvesant sporting a $4.85 million lien. Built in 1899, the property was last upgraded in 2018, but ran into financial difficulties in 2019 and then again in 2023, with the latter leading to its 2025 auction. It was joined by a 2,955-square-foot, two-family conversion in Flatbush that came up in February 2025 with a $3.38 million lien.

The Bronx

35% Y-o-Y Increase in Bronx Residential Foreclosures

The Bronx marked the second consecutive year of outpacing Staten Island’s foreclosure numbers, closing 2025 with 194 first-time filings compared to the fifth borough’s 139. And, not only did the Bronx surpass Staten Island, but it also did so after a 35% surge in filings, thereby contributing to the city’s overall rise in cases.

Even more noticeably, Bronx foreclosures have more than doubled in the last two years. The borough’s rising foreclosure incidence was also reflected by its most active area: Zip 10473 in the Clason Point, Castle Hill, Soundview and Unionport area concentrated 29 first-time filings alone.

Staten Island

2nd Year as NYC’s Slowest Foreclosure Market for Staten Island

Finally, closing 2025 with 139 first-time filings after a negligible 2% Y-o-Y uptick, Staten Island was yet again the least-active foreclosure market in NYC and considerably down compared to its 196-foreclosure peak in 2023. However, Staten Island’s near-perpetual foreclosure hotspot remained unchanged with zip 10314 in Mid Island supplying 22 of the borough’s caseload.

Data Snapshot: All Boroughs

2025 NYC Foreclosures by Borough

Methodology

Having tracked foreclosure listings for more than a decade, PropertyShark is the only service in New York that guarantees 100% coverage of the local foreclosure market. Because auctions are frequently postponed and/or rescheduled, the statistics referenced in this report include only first-time foreclosures in order to avoid over-reporting the number of distressed properties in the city.

Separately, we also report on lis pendens (pre-foreclosure) filings — legal notices that mark the beginning of the foreclosure process.

Pre-foreclosure data refers to unique properties that had at least one lis pendens filing in 2025, which may be a first-time filing or a refiling. The same building class restrictions apply, excluding co-ops. If more than three units were referenced on the same lis pendens filing, they were excluded in order to avoid accounting for entire buildings.

This report focuses exclusively on residential properties (single and two-family homes; condos; and co-op units) that were scheduled for auction for the first time in Q3 2025.

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FAQs

1. Are foreclosure filings increasing in NYC? 

Yes. In 2025, NYC saw 1,588 first-time foreclosure filings, up 8% year-over-year, indicating a rise in distressed property activity.

2. Which borough had the most foreclosures?

Queens was the most active foreclosure market with 587 first-time filings in 2025, marking a 1% increase compared to 2024.

3. Which borough had the fewest foreclosures?

Staten Island remained the slowest foreclosure market with 139 first-time filings for a 2% increase compared to 2024.

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