Back in Brooklyn

(NYC commercial lis pendens by borough)

Source: PropertyShark, a division of Yardi Systems.


By Adriana Limbasan

Commercial pre-foreclosures in New York City saw a 19 percent decrease in August 2012, reaching 203, down from 252 in July 2012 and 251 in August 2011—good news for the city.

Brooklyn particularly stood out in its recovery. Although it accounted for 46 percent of the lis pendens citywide, it registered the highest decrease among the five boroughs, dropping by 39 percent over the previous month, to 94 from 153, and 23 percent over the same month a year ago, when it had 122 lis pendens. It was closely followed by Queens with a 32 percent decrease over July 2012 (to 30 from 44) and 25 percent over August 2011 (when it had 40).

Among the boroughs, Manhattan pre-foreclosures saw the highest increase over July 2012, rising by 82 percent, to 31 in all. It was followed by Staten Island lis pendens with a 43 percent increase and Bronx pre-foreclosures with a 23 percent increase.

Compared to August 2011, the Bronx was the only borough that registered an increase in the number of commercial pre-foreclosures, gaining  23 percent. Manhattan was down
34 percent, and Staten Island was down 9 percent.

—Adriana Limbasan is a marketing analyst for PropertyShark.