New York City Spotlight: Paying Up

Source: PropertyShark, a division of Yardi Systems Inc.

By Laura Gatea

Commercial lis pendens in New York City reached a five-year low in the first quarter of 2013, dropping by 25 percent from the previous quarter and by 46 percent from the peak, recorded in the second quarter of 2009. Brooklyn compiled 51 percent of the total commercial lis pendens activity in the city; however, the current number is down 27 percent from the fourth quarter of 2012 and 39 percent year over year. Manhattan followed the overall trend of the city, with commercial lis pendens down by 65 percent from the highest value, which was recorded in the second quarter of 2009, and down 44 percent year over year. Lis pendens in the Bronx and Queens also recorded a year-over-year decrease. The Bronx was down by 43 percent and Queens by 39 percent; on a quarterly basis they dropped by 22 and 32 percent, respectively. Staten Island naturally turns in lower numbers and its quarterly drop was in line with the other outer boroughs. However, its year-over-year downshift measured just 11 percent.

—Laura Gatea is a senior real estate data analyst for PropertyShark.