{"id":46023,"date":"2025-04-10T13:33:00","date_gmt":"2025-04-10T10:33:00","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=46023"},"modified":"2025-10-14T16:52:20","modified_gmt":"2025-10-14T13:52:20","slug":"ny-metro-foreclosure-report-q1-2025","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2025\/04\/10\/ny-metro-foreclosure-report-q1-2025\/","title":{"rendered":"New York Metro\u00a0Foreclosure Report: Q1 2025 Marks Slowest Quarter in 5 Years for Metro While Manhattan Activity Reaches 8-Year High"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Key Takeaways:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>New York metro closes slowest first quarter in five years after 7% Y-o-Y decline<\/li>\n\n\n\n<li>New Jersey claims metro\u2019s sharpest increase with 105% Y-o-Y Monmouth County spike, as well as metro\u2019s sharpest decrease with 56% Y-o-Y Sussex County drop<\/li>\n\n\n\n<li>NYC foreclosures tick down 3% Y-o-Y overall, even as Manhattan hits eight-year high &amp; the Bronx reaches five-year peak<\/li>\n\n\n\n<li>Queens claims more than one in 10 first-time filings as metro\u2019s most active foreclosure market, followed by Suffolk and Nassau counties with one in five cases<\/li>\n\n\n\n<li>Two-family homes lead NYC foreclosure sector, surpassing combined co-op and condo filings<\/li>\n\n\n\n<li>NYC commercial foreclosures fall 36% Y-o-Y citywide, driven by Brooklyn slowdown<\/li>\n<\/ul>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Having tracked the <a href=\"https:\/\/www.propertyshark.com\/mason\/NY\/New-York-City\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">New York City foreclosure market<\/a> for more than a decade, we now continue with our expanded reporting of foreclosures and distressed properties&nbsp;across the 24-county New York metro area. Specifically, this report covers NYC; Long Island; the Lower and Mid-Hudson valleys; plus Central and North Jersey.<\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-d0309d7b079a37b4a5fb3e0cf91c30cc\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\"><span class=\"ez-toc-section\" id=\"Metro_foreclosures\"><\/span>Metro foreclosures<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"New_York_Metro_Foreclosure_Sector_Starts_2025_With_Slowest_1st_Quarter_Since_2020\"><\/span>New York Metro Foreclosure Sector Starts 2025 With Slowest 1st Quarter Since 2020<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Metro New York\u2019s foreclosure sector continued its end-of-the-year decline in 2025, albeit at a slower rate of 7% year-over-year (Y-o-Y).Overall, this added up to a total of 1,503 first-time foreclosure filings across the metro, making <strong>Q1 2025 the slowest first quarter in five years<\/strong>. <\/p>\n\n\n\n<p>However, the start of the year seemed to bring a more mixed outlook across the metro with foreclosures trending up in 10 counties, trending down in another 11 counties and flat in three counties year-over-year. As a result, first-time foreclosures decreased in 42% of metro counties, continuing <a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2025\/01\/20\/ny-metro-foreclosure-report-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\">2024 trends<\/a>, when filings decreased in 71% of metro counties.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"min-height:720px\" id=\"datawrapper-vis-z6SRQ\"><script type=\"text\/javascript\" defer src=https:\/\/datawrapper.dwcdn.net\/z6SRQ\/embed.js charset=\"utf-8\" data-target=\"#datawrapper-vis-z6SRQ\"><\/script><noscript><img src=https:\/\/datawrapper.dwcdn.net\/z6SRQ\/full.png alt=\"\" \/><\/noscript><\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>The sharpest year-over-year drops in foreclosures filings were logged in New Jersey counties<\/strong> \u2014 <a href=\"https:\/\/www.propertyshark.com\/mason\/nj\/Sussex-County\/Property-Search\">Sussex County<\/a> (-56% Y-o-Y) and <a href=\"https:\/\/www.propertyshark.com\/mason\/nj\/Morris-County\/Property-Search\">Morris County<\/a> (-41% Y-o-Y) \u2014 while <a href=\"https:\/\/www.propertyshark.com\/mason\/ny\/Suffolk-County\/Property-Search\">Suffolk County<\/a>\u2019s 28% Y-o-Y decrease was New York\u2019s most drastic slowdown.<\/p>\n\n\n\n<p>At the other end of the spectrum<strong>, <\/strong>New Jersey also claimed the metro\u2019s sharpest increase as <a href=\"https:\/\/www.propertyshark.com\/mason\/nj\/Monmouth-County\/Property-Search\">Monmouth County<\/a>\u2019s Q1 caseload more than doubled (105%) year-over-year for a total of 88 first-time filings. Next was the Mid-Hudson Valley exurb of <a href=\"https:\/\/www.propertyshark.com\/mason\/ny\/Dutchess-County\/Property-Search\">Dutchess County<\/a>, which jumped 70% Y-o-Y. It was followed by <strong>Manhattan\u2019s 59% Y-o-Y increase that brought the borough to an eight-year high<\/strong> of 54 new filings.<\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-92ccb7f90a59b1a7101dcac4e312721d\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\"><span class=\"ez-toc-section\" id=\"New_York_markets\"><\/span>New York markets<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Queens_Claims_1_in_10_Metro_Foreclosures_Long_Island_Supplies_1_in_5\"><\/span>Queens Claims 1 in 10 Metro Foreclosures, Long Island Supplies 1 in 5<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Although foreclosure incidences decreased at a similar pace in both New Jersey and New York, <strong>only three New York markets logged double-digit slowdowns<\/strong>: Suffolk County foreclosures came down 28% Y-o-Y, while cases in both <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/brooklyn\">Brooklyn<\/a> and <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/queens\">Queens<\/a> both declined 14% Y-o-Y.<\/p>\n\n\n\n<p>Notably, Suffolk County\u2019s sharp deceleration and <a href=\"https:\/\/www.propertyshark.com\/mason\/ny\/Nassau-County\/Property-Search\">Nassau County<\/a>\u2019s more muted 5% Y-o-Y decline brought the two Long Island markets to similar levels of foreclosure activity \u2014 135 first-time filings in Nassau County and 151 in Suffolk County. By comparison, in Q4 2024, Suffolk County had nearly double the caseload of Nassau.<\/p>\n\n\n\n<p>Despite their respective slowdowns, these two counties remained among the state\u2019s three most active foreclosure markets, although Queens\u2019 less-dramatic slowdown allowed it to take the state\u2019s top spot. In fact, <strong>Queens 165 first-time filings made it the most active foreclosure market in metro New York<\/strong>.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"min-height:700px\" id=\"datawrapper-vis-9INCA\"><script type=\"text\/javascript\" defer src=https:\/\/datawrapper.dwcdn.net\/9INCA\/embed.js charset=\"utf-8\" data-target=\"#datawrapper-vis-9INCA\"><\/script><noscript><img src=https:\/\/datawrapper.dwcdn.net\/9INCA\/full.png alt=\"\" \/><\/noscript><\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Meanwhile, <a href=\"https:\/\/www.propertyshark.com\/mason\/ny\/Putnam-County\/Property-Search\">Putnam County<\/a> continued as the slowest among the metro\u2019s New York markets with just 18 cases \u2014 even with a 13% Y-o-Y uptick in the first three months of the year \u2014 after totaling just 64 first-time filings throughout 2024. Conversely, the metro\u2019s sharpest rise in foreclosure filings was observed in Dutchess County, although its 70% Y-o-Y increase amounted to only 34 cases.<\/p>\n\n\n\n<p>At the same time, a 15% uptick in first-time filings made <strong><a href=\"https:\/\/www.propertyshark.com\/mason\/ny\/Orange-County\/Property-Search\">Orange County<\/a> the most active market among NYC\u2019s Hudson Valley suburbs and exurbs<\/strong> with a total of 70 cases. Westchester County was next with 59 cases just two more than during the same period last year.<\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-014f742391e4fddc248f892b0aef31b2\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\"><span class=\"ez-toc-section\" id=\"NYC_Foreclosures\"><\/span>NYC Foreclosures<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manhattan_Closes_Most_Active_Quarter_in_8_Years_the_Bronx_Marks_5-Year_High\"><\/span>Manhattan Closes Most Active Quarter in 8 Years, the Bronx Marks 5-Year High<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>NYC\u2019s foreclosure sector was one of disjointed trends in the first quarter of the year: The city overall continued to trend down with its most active boroughs following suit while others heated up to peaks not seen in years. In particular, <strong><a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/manhattan\">Manhattan<\/a> stood out<\/strong> as a 59% Y-o-Y increase brought its Q1 caseload to 54 first-time filings \u2014 a figure not seen since Q4 2016 to <strong>mark <\/strong><a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/Manhattan+Foreclosures+Increase+118%25+Y-o-Y+%E2%80%93+Q3+2019+Report\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>an eight-year high<\/strong><\/a><strong> for the borough.<\/strong><\/p>\n\n\n\n<p>Manhattan\u2019s foreclosures hot zone concentrated five new cases in zip 10026, which covers Harlem\u2019s southern portions between Central Park and West 120<sup>th<\/sup> Street.<\/p>\n\n\n\n<p>Just to the north, <strong><a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/bronx\">the Bronx<\/a><\/strong> also totaled 54 first-time foreclosures in the first quarter of the year, similarly <strong>indicating a level of foreclosure activity not seen since Q1 2020<\/strong>, when the borough entered the pandemic with 85 new filings. This came as the result of a 26% Y-o-Y increase in first-time cases in the first quarter of this year. In this case, zip 10462 in the <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/bronx\/parkchester\">Parkchester<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/bronx\/bronxdale\">Bronxdale<\/a> and Van Nest area returned as the borough\u2019s foreclosure hotspot with nine cases concentrated here.<\/p>\n\n\n\n<p>Considering the evolution of the post-pandemic foreclosure market in the Bronx and its newest acceleration in filings, <strong><a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/staten-island\">Staten Island<\/a><\/strong> seems to be fully entrenched as <strong>the city\u2019s least-active foreclosure market:<\/strong> The borough was flat year-over-year, totaling just 26 new cases. Of these, one-fifth were concentrated in Mid-Island\u2019s 10314 zip code \u2014 recurringly, the borough\u2019s foreclosure epicenter.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"min-height:471px\" id=\"datawrapper-vis-4rO66\"><script type=\"text\/javascript\" defer src=https:\/\/datawrapper.dwcdn.net\/4rO66\/embed.js charset=\"utf-8\" data-target=\"#datawrapper-vis-4rO66\"><\/script><noscript><img src=https:\/\/datawrapper.dwcdn.net\/4rO66\/full.png alt=\"\" \/><\/noscript><\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Even as Manhattan and the Bronx saw significant increases in foreclosure activity, <strong>Queens and Brooklyn were cooling with first time-filings decreasing 14% Y-o-Y<\/strong> in both boroughs. More precisely, Brooklyn was the setting for 112 foreclosure filings in the first quarter to rank as metro New York\u2019s fourth-most-active foreclosure market. Of these, <a href=\"https:\/\/www.propertyshark.com\/mason\/market-trends\/residential\/nyc\/brooklyn\/canarsie\">Canarsie<\/a>\u2019s 11236 zip code supplied nearly 10%, concentrating 11 new cases.<\/p>\n\n\n\n<p>At the same time, the 165 first-time cases filed in Queens made it the metro\u2019s leading foreclosure market \u2014 supplying more new cases than Manhattan, the Bronx and Staten Island combined. Unsurprisingly, <strong>Queens was also the setting for the city\u2019s foreclosure epicenter<\/strong> with 14 first-time filings concentrated in the familiar 11413 zip in the Brookville and Laurelton area recurringly one of the city\u2019s foreclosure hotspots.<\/p>\n\n\n\n<p>Of course, Brooklyn and Queens still supplied the bulk (67%) of NYC\u2019s first-quarter cases, and their slowdowns cancelled out the accelerations of Manhattan and the Bronx, and then some. As a result, NYC closed Q1 2025 with 411 first-time foreclosures \u2014 3% fewer than in Q1 2024. <strong>Overall, NYC foreclosures accounted for 27% of the metro\u2019s total caseload.<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-80c130c996572f6f8d8e3102862be0d0\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\"><span class=\"ez-toc-section\" id=\"NYC_asset_types\"><\/span>NYC asset types<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"More_2-Family_Homes_Foreclose_Than_Co-Op_Condo_Units_Combined\"><\/span>More 2-Family Homes Foreclose Than Co-Op &amp; Condo Units Combined<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In terms of asset types, two-family homes drove the city\u2019s foreclosure activity by a <strong>significant lead<\/strong>, accounting for 37% of first-time filings. As a matter of fact, two-family homes were the only residential asset type to see an increase in foreclosure filings, while foreclosures of single family homes, condos and co-ops all declined.<\/p>\n\n\n\n<p>Moreover, whereas single and two-family homes typically account for similar shares in the city\u2019s caseload, in Q1 2025, two-family homes accounted for more first-time filings than co-op units (21%) and condo units (14%) combined. Single family residences represented 28% of NYC\u2019s new foreclosure filings.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"min-height:494px\" id=\"datawrapper-vis-3cLD1\"><script type=\"text\/javascript\" defer src=https:\/\/datawrapper.dwcdn.net\/3cLD1\/embed.js charset=\"utf-8\" data-target=\"#datawrapper-vis-3cLD1\"><\/script><noscript><img src=https:\/\/datawrapper.dwcdn.net\/3cLD1\/full.png alt=\"\" \/><\/noscript><\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-61057d90a0af0a2e939c73a633da6ca5\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\"><span class=\"ez-toc-section\" id=\"NYC_commercial\"><\/span>NYC commercial<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NYC_Commercial_Foreclosures_Decline_as_Brooklyn_Filings_Are_Halved\"><\/span>NYC Commercial Foreclosures Decline as Brooklyn Filings Are Halved<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>New York City\u2019s commercial foreclosure sector was also on a declining trend, weakened by the cooling of Brooklyn\u2019s commercial foreclosure market.<\/p>\n\n\n\n<p>Specifically, while<strong> citywide cases were down 36% Y-o-Y<\/strong> to return to figures seen two years ago, Brooklyn cases dropped 59% Y-o-Y. So, although Brooklyn accounted for 12 of the 16 commercial foreclosures filed in Q1 2023 and a whopping 22 of the 25 commercial foreclosures filed in Q1 2024, the borough supplied just nine of the city\u2019s 16 cases in the most recent quarter.<\/p>\n\n\n\n<p>Meanwhile, Queens heated up, totaling four commercial filings in the first three months of the year. Consequently, <strong>Queens claimed 25% of NYC\u2019s commercial foreclosures<\/strong> \u2014 up from just 4% during the same period last year. Notably, Manhattan saw two commercial foreclosures at the start of the year, potentially suggesting a more active year for the borough that totaled only six cases in the entirety of 2024.<\/p>\n\n\n\n<p><strong>Top 5 Most Expensive Commercial Foreclosures Sold in Q1 2025<\/strong><\/p>\n\n\n\n<table id=\"tablepress-343\" class=\"tablepress tablepress-id-343\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Rank<\/strong><\/th><th class=\"column-2\"><strong>Borough<\/strong><\/th><th class=\"column-3\"><strong>Address<\/strong><\/th><th class=\"column-4\"><strong>Lien Ammount <\/strong><\/th><th class=\"column-5\"><strong>Sale Date<\/strong><\/th><th class=\"column-6\"><strong>Sale Amount<\/strong><\/th><th class=\"column-7\"><strong>Auction Date<\/strong><\/th><th class=\"column-8\"><strong>REO<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/669994\/156-168-Bleecker-St-New-York-NY-10012\/ \" rel=\"noopener\" target=\"_blank\">160 Bleecker St.<\/a><\/td><td class=\"column-4\">$41,863,779 <\/td><td class=\"column-5\">2\/5\/2025<\/td><td class=\"column-6\">$10,000 <\/td><td class=\"column-7\">2\/26\/2025<\/td><td class=\"column-8\">Yes<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/733665\/744-Lefferts-Ave-Brooklyn-NY-11203\/\" rel=\"noopener\" target=\"_blank\">744 Lefferts Ave.<\/a><\/td><td class=\"column-4\">$8,637,690 <\/td><td class=\"column-5\">1\/30\/2025<\/td><td class=\"column-6\">$4,800,000 <\/td><td class=\"column-7\">3\/10\/2025<\/td><td class=\"column-8\">Yes<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">Bronx<\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/42571\/3075-3-Ave-Bronx-NY-10451\/\" rel=\"noopener\" target=\"_blank\">3075 3rd Ave.<\/a><\/td><td class=\"column-4\">$2,087,544 <\/td><td class=\"column-5\">1\/13\/2025<\/td><td class=\"column-6\">$500 <\/td><td class=\"column-7\">2\/18\/2025<\/td><td class=\"column-8\">Yes<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/31119096\/131-46-40-Rd-Queens-NY-11354\/\" rel=\"noopener\" target=\"_blank\">131-46 40th Rd.<\/a><\/td><td class=\"column-4\">$1,420,216 <\/td><td class=\"column-5\">2\/7\/2025<\/td><td class=\"column-6\">$1,802,938 <\/td><td class=\"column-7\">3\/17\/2025<\/td><td class=\"column-8\">No<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/163089\/1982-Fulton-St-Brooklyn-NY-11233\/\" rel=\"noopener\" target=\"_blank\">1982 Fulton St.<\/a><\/td><td class=\"column-4\">$1,289,300 <\/td><td class=\"column-5\">1\/23\/2025<\/td><td class=\"column-6\">$1,830,000 <\/td><td class=\"column-7\">3\/19\/2025<\/td><td class=\"column-8\">No<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/163090\/1984-Fulton-St-Brooklyn-NY-11233\/\" rel=\"noopener\" target=\"_blank\">1984 Fulton St. <\/a><\/td><td class=\"column-4\">(Package deal)<\/td><td class=\"column-5\"><\/td><td class=\"column-6\"><\/td><td class=\"column-7\"><\/td><td class=\"column-8\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Looking forward to the most expensive foreclosures headed to auction in Q2, Manhattan is taking the lead by a significant margin with a package deal: Comprising the historic Scribner\u2019s Building at 597 Fifth Ave. and the neighboring 3 E. 48<sup>th<\/sup> St. office building, the <strong>properties are<\/strong> <strong>headed to the block on April 30 with a whopping, $140 million lien<\/strong>.<\/p>\n\n\n\n<p>The buildings are part of a string of assets that Thor Equities has struggled with and lost in recent years. That said, these two particular assets had financial woes even before the pandemic, leading to a 2021 default on the $105 million loan that Thor had secured back in 2014. The properties then went into pre-foreclosure in 2023 and, by early 2024, they were <a href=\"https:\/\/therealdeal.com\/new-york\/2024\/01\/22\/thor-equities-597-fifth-ave-value-cut-in-half-after-default\/\" target=\"_blank\" rel=\"noreferrer noopener\">valued at less than their debt<\/a> as they struggled with low occupancy and unfinished repairs, especially the Beaux Arts Scribner building.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Top 5 Most Expensive Commercial Foreclosures Scheduled for Auction in Q2 2025<\/strong><\/p>\n\n\n\n<table id=\"tablepress-344\" class=\"tablepress tablepress-id-344\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Rank<\/strong><\/th><th class=\"column-2\"><strong>Borough<\/strong><\/th><th class=\"column-3\"><strong>Address<\/strong><\/th><th class=\"column-4\"><strong>Lien Ammount <\/strong><\/th><th class=\"column-5\"><strong>Occurrence<\/strong><\/th><th class=\"column-6\"><strong>Auction Date<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/20792\/597-5-Ave-New-York-NY-10017\/\" rel=\"noopener\" target=\"_blank\">597 5th Ave.<\/a><\/td><td class=\"column-4\">$140,382,151 <\/td><td class=\"column-5\">first-time<\/td><td class=\"column-6\">4\/30\/2025<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/20794\/3-E-48-St-New-York-NY-10017\/\" rel=\"noopener\" target=\"_blank\">3 E 48th St.<\/a><\/td><td class=\"column-4\">(package deal)<\/td><td class=\"column-5\"><\/td><td class=\"column-6\"><\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/27024\/453-E-83-St-New-York-NY-10028\/\" rel=\"noopener\" target=\"_blank\">453 E 83rd St.<\/a><\/td><td class=\"column-4\">$7,857,891 <\/td><td class=\"column-5\">rescheduled<\/td><td class=\"column-6\">4\/23\/2025<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/171640\/556-Lafayette-Ave-Brooklyn-NY-11205\/\" rel=\"noopener\" target=\"_blank\">556 Lafayette Ave.<\/a><\/td><td class=\"column-4\">$4,578,676 <\/td><td class=\"column-5\">first-time<\/td><td class=\"column-6\">5\/1\/2025<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/270718\/6623-Ft-Hamilton-Pkwy-Brooklyn-NY-11219\/\" rel=\"noopener\" target=\"_blank\">6623 Ft. Hamilton Pkwy<\/a><\/td><td class=\"column-4\">$4,395,864 <\/td><td class=\"column-5\">rescheduled<\/td><td class=\"column-6\">4\/24\/2025<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property\/181748\/660-Fulton-St-Brooklyn-NY-11217\/\" rel=\"noopener\" target=\"_blank\">660 Fulton St.<\/a><\/td><td class=\"column-4\">$3,773,211 <\/td><td class=\"column-5\">first-time<\/td><td class=\"column-6\">5\/1\/2025<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-9abbf835cd14ce9bf12d61fc1f2f490b\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\"><span class=\"ez-toc-section\" id=\"New_Jersey_markets\"><\/span>New Jersey markets<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"New_Jersey_Claims_Metros_Sharpest_Decreases_Increases_with_Monmouth_Sussex_Counties\"><\/span>New Jersey Claims Metro\u2019s Sharpest Decreases &amp; Increases with Monmouth &amp; Sussex Counties<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The metro\u2019s New Jersey foreclosure markets continued to decline at a sharper rate than its New York markets, although differences were far less pronounced than a year ago. Specifically, the metro\u2019s 12 New Jersey markets saw the number of foreclosures decline 8% Y-o-Y in Q1 2025, while New York markets contracted 6% Y-o-Y. By comparison, in Q1 2024, New Jersey markets were down 24% Y-o-Y and New York markets remained flat.<\/p>\n\n\n\n<p>Overall, the metro\u2019s New Jersey region totaled 601 first-time filings in the first three months of this year compared to 653 during the same period last year. Notably, the metro&#8217;s New Jersey markets presented a range of trends with filings decreasing in half. The sharpest slowdown was observed in Sussex County, where cases were halved (-56 Y-o-Y), going from the year-ago 34 cases to just 15 in the first three months of this year.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"min-height:700px\" id=\"datawrapper-vis-oMOML\"><script type=\"text\/javascript\" defer src=https:\/\/datawrapper.dwcdn.net\/oMOML\/embed.js charset=\"utf-8\" data-target=\"#datawrapper-vis-oMOML\"><\/script><noscript><img src=https:\/\/datawrapper.dwcdn.net\/oMOML\/full.png alt=\"\" \/><\/noscript><\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Conversely, Monmouth County experienced a 105% Y-o-Y surge in first-time foreclosures. This resulted in 88 first-time cases to make Monmouth County the metro\u2019s most active New Jersey market, as well. Granted, this was also influenced by the 9% Y-o-Y slowdown in Essex County, which brought this market\u2019s caseload down to 87 new filings. Bergen County was next with 76 cases, which was the result of a 3% Y-o-Y uptick.<\/p>\n\n\n\n<p>Finally, <a href=\"https:\/\/www.propertyshark.com\/mason\/nj\/Hudson-County\/Property-Search\">Hudson County<\/a> \u2014 which was the only one to see cases rise last year \u2014 remained flat with 37 cases. Similarly, <a href=\"https:\/\/www.propertyshark.com\/mason\/nj\/Hunterdon-County\/Property-Search\">Hunterdon County<\/a> was also unchanged to maintain its status as the metro\u2019s least-active foreclosure market with just 11 first-time filings.<\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-18ee61a44fa335f6d2923af7eea8a667\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\"><span class=\"ez-toc-section\" id=\"All_counties\"><\/span>All counties<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"See_how_first-time_foreclosures_evolved_in_Q1_2025_across_metro_New_York\"><\/span>See how first-time foreclosures evolved in Q1 2025 across metro New York:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div style=\"min-height:766px\" id=\"datawrapper-vis-k9smS\"><script type=\"text\/javascript\" defer src=https:\/\/datawrapper.dwcdn.net\/k9smS\/embed.js charset=\"utf-8\" data-target=\"#datawrapper-vis-k9smS\"><\/script><noscript><img src=https:\/\/datawrapper.dwcdn.net\/k9smS\/full.png alt=\"\" \/><\/noscript><\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Methodology\"><\/span>Methodology<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>This report focuses on residential properties (single and two-family homes; condos; and co-op units) that were scheduled for auction for the first time in Q1 2025 in metro New York.<\/p>\n\n\n\n<p>Metro New York was defined as a 24-county area comprising:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>5 NYC counties: New York (Manhattan), Kings (Brooklyn), Queen (Queens), Bronx (The Bronx) and Richmond (Staten Island).<\/li>\n\n\n\n<li>2 Long Island counties: Nassau and Suffolk.<\/li>\n\n\n\n<li>3 Lower Hudson Valley counties: Putnam, Rockland and Westchester.<\/li>\n\n\n\n<li>2 Mid-Hudson Valley counties: Dutchess and <a href=\"https:\/\/www.propertyshark.com\/mason\/NY\/Orange-County\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">Orange<\/a>.<\/li>\n\n\n\n<li>7 North Jersey counties: Bergen, Essex, Hudson, Morris, Passaic, <a href=\"https:\/\/www.propertyshark.com\/mason\/NJ\/Sussex-County\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">Sussex<\/a> and <a href=\"https:\/\/www.propertyshark.com\/mason\/NJ\/Union-County\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">Union<\/a>.<\/li>\n\n\n\n<li>5 Central Jersey counties: <a href=\"https:\/\/www.propertyshark.com\/mason\/NJ\/Hunterdon-County\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">Hunterdon<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/NJ\/Middlesex-County\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">Middlesex<\/a>, <a href=\"https:\/\/www.propertyshark.com\/mason\/NJ\/Monmouth-County\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">Monmouth<\/a>, Ocean and Somerset.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>This report also includes data on NYC commercial properties that went into foreclosure in Q1 2025.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fair_Use_Redistribution\"><\/span>Fair Use &amp; Redistribution&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>We encourage and freely grant permission to reuse and repost information, analysis, charts, tables,&nbsp;and images included on this page. When doing so, we only ask that you link back to this page or PropertyShark.com as the official source.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_PropertyShark\"><\/span>About PropertyShark<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><a href=\"https:\/\/www.propertyshark.com\/mason\/\" target=\"_blank\" rel=\"noreferrer noopener\">PropertyShark<\/a>&nbsp;is an online real estate database and property research tool that provides building details, ownership information, comparable sales, and foreclosure data. Founded in 2003, PropertyShark serves real estate professionals and consumers in New York and other major U.S. markets.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manhattan hits 8-year high, but metro foreclosures drop fueled by the slowdowns of its most active markets: Queens, Suffolk, Nassau &#038; Brooklyn.<\/p>\n","protected":false},"author":49,"featured_media":44842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[337,507,283,11186],"tags":[11165,11177,181,7],"class_list":["post-46023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-long-island-real-estate","category-new-jersey-real-estate-2","category-new-york-foreclosures","category-new-york-residential-real-estate","tag-2025topforclosurereport","tag-foreclosure-report","tag-nyc-lis-pendens","tag-residential-sales"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2025 Q1 New York Metro Foreclosure Report | PropertyShark<\/title>\n<meta name=\"description\" content=\"Manhattan hits 8-year high, but metro foreclosures drop fueled by 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