Staten Island Remains NYC’s Slowest Borough For Foreclosures

Staten Island Remains NYC’s Slowest Borough For Foreclosures

Editor’s note: Last year, we reported on Staten Island’s show activity in the foreclosure market area.  This may also mean that Islanders are having a better time financially than residents of other boroughs, since the Island’s rate is the lowest in all of the City.  

PropertyShark’s annual foreclosure report shows the NYC distressed property sector accelerated in 2025, rising 8% Y-o-Y to 1,588 new filings. All five boroughs saw a rise in new filings, with the Bronx experiencing the steepest climb at 35% Y-o-Y. 

Meanwhile, Staten Island closed 2025 with 139 first-time filings after a near-negligible 2% Y-o-Y uptick, for an increase of just three additional cases. As such, Staten Island marked its second consecutive year as NYC’s slowest foreclosure market. While the borough saw a modest increase in 2025, activity remained well below its 196-foreclosure peak in 2023.  

Here are some more highlights: 

• Manhattan posted its highest number of foreclosures in at least 15 years, reaching 208 new cases after a 28% Y-o-Y increase. 

• Queens and Brooklyn remained the most active foreclosure markets in the city with 587 and 460 cases, respectively, but saw modest Y-o-Y increases.

• The Bronx surpassed Staten Island’s foreclosure numbers for the second consecutive year, logging 194 cases versus Staten Island’s 139.  

• Two-family homes led in residential foreclosures for a third year running, with 540 cases after a 12% Y-o-Y rise, while condo foreclosures fell 24% Y-o-Y to 194 new cases.

• The city’s priciest residential foreclosure was a 3,726-square-foot penthouse at the Metropolitan Tower with a $9.74M lien.

• NYC commercial cases rose 17% Y-o-Y to reach 84 new filings. 

To learn more about NYC’s foreclosure market in 2025, dive into our full PropertyShark report here: https://www.propertyshark.com/Real-Estate-Reports/nyc-foreclosure-report/.  See below for excerpts. 

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.

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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.

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