Foreclosure hotspots shift in New York Metro as Queens stays on top
The New York metropolitan area began 2025 with its quietest foreclosure quarter in five years, according to a new report from PropertyShark. First-time foreclosure filings across 24 counties in New York and New Jersey dropped 7% year-over-year, totaling just 1,503 cases — a figure not seen since early 2020.
Nearly half of the metro’s counties recorded declines, with notable drops in the region’s traditionally most active markets: Queens, Suffolk, Nassau and Brooklyn. Together, those four markets represented 37% of all metro filings. Queens, despite a 14% year-over-year decline, still led with 165 new cases, followed closely by Suffolk (151) and Nassau (135). Brooklyn saw a similar 14% annual decrease to land at 112 cases.
Yet even as the broader trend pointed downward, two boroughs defied the pattern. Manhattan registered 54 first-time filings — a level not seen since late 2016 — marking a 59% annual increase. Similarly, the Bronx recorded 54 cases, a five-year high fueled by a 26% rise year-over-year. Notably, the Bronx’s 10462 ZIP code and Manhattan’s 10026 ZIP code stood out as borough hotspots.
Staten Island remained stable with 26 new cases, once again marking it as the city’s least active foreclosure market. Of these, 20% occurred in the 10314 ZIP code in the Mid-Island area.
Trend shift in foreclosure activity
Foreclosure types shifted in Q1, with two-family homes leading the charge across New York City. These properties accounted for 37% of new filings, surpassing combined condo and co-op totals. While single-family home, condo and co-op foreclosures all declined, two-family homes were the only residential category to rise.
On the commercial side, foreclosure activity in NYC fell sharply, with a 36% year-over-year drop. Brooklyn led the slowdown, with filings cut by more than half. Queens, however, saw a small spike, accounting for 25% of all city commercial foreclosures, up from just 4% during the same period in 2024.
Across the river, New Jersey displayed more volatility. Monmouth County experienced the region’s sharpest rise — up 105% — while Sussex County saw the steepest drop, falling 56%. Overall, filings in New Jersey’s 12 counties slipped 8% from Q1 2024.
PropertyShark’s Q1 2025 foreclosure report covers first-time foreclosure filings across the 24-county New York metro area, including all five NYC boroughs, Long Island, the Hudson Valley, and 12 counties in New Jersey. The report focuses on residential properties—single- and two-family homes, condos, and co-ops—that were scheduled for auction for the first time to ensure accurate representation. The report also includes data on New York City commercial property foreclosures that occurred during the first quarter of 2025. It excludes postponed or repeat auctions.
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