Sam Heskel, founder of HMS Associates, who predicts a rise in foreclosures on high-end apartments

From the December issue: While green shoots may have sprouted in some sectors of the New York City residential market, there are plenty of other areas where that is far from the case. Foreclosures continue to ravage neighborhoods throughout the outer boroughs — most notably southern Queens and parts of Brooklyn — and more distress is quietly creeping into the Manhattan residential market. In this month’s Q & A, appraisers, analysts and brokers who follow foreclosures told The Real Deal that while certain areas of the city are starting to level off when it comes to foreclosures, in others it’s difficult to even find a “regular” nondistressed sale. One expert from New York University’s Furman Center said that the third quarter of 2009 saw 6,000 foreclosure filings in the city — the largest number since the research center started tracking quarterly data in the early 1990s. And worrisome trends are on the horizon.

Source: PropertyShark.com

The number of new foreclosures in New York City decreased slightly
during the second quarter of 2009 from the same period of last year,
according to a second-quarter report released today by the real estate
Web site PropertyShark.com. New York City saw 892 new foreclosures in the second quarter, down 7
percent from 962 in the same quarter of 2008, according to the report,
which tracked new foreclosures in four key metro areas. The number of
foreclosures, however, rose 3 percent from the first quarter of this
year. As in recent quarters, Queens led the city in foreclosures with 610
between April and June, up 9 percent from 492 in the same period last
year. The borough also led the city in foreclosures per household, with
one in every 1,270 homes scheduled for auction, or 0.079 percent. [more]