According to the latest New York City Foreclosure Report released by PropertyShark.com, the total number of foreclosed homes in New York City during the second quarter of 2025 (April-June) was 408, showing an 11% increase in foreclosure rate compared to a year ago.
Manhattan saw an addition of 46 foreclosure applications, representing a 15% increase from the same period last year. However, Manhattan remains the least active foreclosure market in New York City. Eight of these applications were concentrated in the high-priced 10022 zip code, which includes a portion of Park Avenue known for luxury homes, upscale shops, and exquisite gardens. According to Realtor.com’s latest data, the median price for foreclosures in the 10022 zip code in June was $1.3 million, making it one of the most expensive foreclosure areas in New York City.
During the second quarter of 2025, Brooklyn surpassed Queens to become the busiest foreclosure market in New York City. There were a total of 129 initial foreclosure applications in the period from April to June, marking a 36% increase from a year ago. The 11236 zip code covering the Canarsie and East Flatbush communities recorded 17 new foreclosure cases.
Meanwhile, Queens experienced a decrease in foreclosures during the second quarter with a total of 128 properties, marking a 20% decline from the same period last year.
Foreclosures in the Bronx reached a five-year high, with a 73% annual increase in foreclosed properties. The number of initial foreclosure applications rose from 33 in the spring of 2024 to 57 this year, surpassing the five-year foreclosure record set earlier in 2025.
Staten Island had 48 foreclosure applications in the spring of this year, marking a 25% increase from the same period last year, making it the fourth most popular foreclosure market in the Big Apple (a nickname for New York City).
Two-family homes continue to be popular in the New York City foreclosure market, accounting for a third of the 408 cases in the second quarter, representing a 25% increase from the previous year, while single-family home foreclosures decreased by 2%.
Another report, the New York Metro Foreclosure Report, indicated that the first quarter of 2025 saw the slowest increase in foreclosure rates in the New York metropolitan area over the past five years, showing a 7% decrease compared to the previous year. The report covers foreclosures and distressed properties in 24 counties of the New York metropolitan area, including New York City, Long Island, the lower Hudson Valley, central and northern New Jersey.
In New York City, there were 411 initial auction outcomes, a 3% decrease from the first quarter of 2024, accounting for 27% of the total foreclosed properties in the metropolitan area.
Manhattan set a new eight-year high in foreclosure numbers, with five new cases concentrated in the 10026 zip code covering the southern part of Harlem between Central Park and West 120th Street.
The Bronx had 54 initial foreclosures in the first quarter, marking a 26% increase from the previous year. The 10462 zip code emerged as a hotspot for foreclosures, with 9 cases concentrated in that area.
Queens and Brooklyn saw a cooling off, with a 14% decrease in initial foreclosure numbers in the first quarter. There were 112 foreclosure applications in the two boroughs during the period, with Canarsie having 11 new cases. While these two areas continue to dominate as the primary regions for first-quarter foreclosures in New York City (accounting for 67%), the slowed growth offset the pace in Manhattan and the Bronx.
Staten Island remained the least active foreclosure market in the city, staying steady from the same period last year with only 26 new cases, with one-fifth concentrated in the 10314 zip code on the Island.
In terms of property type, two-family homes were predominant in the New York City foreclosure market, accounting for 37% of initial foreclosure cases, surpassing the combined number of cooperative (21%) and condominium (14%) applications. Single-family homes made up 28% of the new foreclosure applications in New York City.
(This article references reports from REALTOR.COM and AOL)