From updates on Metropolitan Park, to housing lotteries, to building permits, there have been plenty of noteworthy real estate stories from QNS in 2025. Here are some of the top real estate stories of the year.
Queens sees most NYC foreclosures in Q1 2025, with 11413 as top hotspot: report
A report by PropertyShark found that the most foreclosures in the New York metro area during the first quarter of 2025 occurred in Queens.
During this period of time, Queens had 165 foreclosures, including 14 in the 11413 zip code of Springfield Gardens and Laurelton. However, the number of foreclosures in Queens was down 14% year-over-year from 191 in the first quarter of 2024.
New York City accounted for 411 foreclosures in the first quarter of 2025, down from 424 at the same time the previous year.
The decline in foreclosures in Queens and New York City as a whole also reflected an overall drop in the New York City metro area. Year-over-year, foreclosures there fell 7%, from 1,616 in the first quarter of 2024 to 1,503 in the first quarter of 2025. The last time the New York metro area had a smaller number of foreclosures in the first quarter was 2020.
Ten Queens neighborhoods rank among 50 most expensive in NYC: report
Another report from PropertyShark found that 10 Queens neighborhoods ranked among the top 5o most expensive in New York City in 2024.
The neighborhoods to make the list included Hunters Point, East Flushing, Queensboro Hill, Fresh Meadows, Hollis Hills, Bayside, Auburndale, Rockwood Park, Belle Harbor and Ditmars-Steinway.
Hunters Point ranked the highest, in 31st place. It was the only Queens neighborhood with a median sales price that exceeded $1 million, at $1.167 million. Despite ranking the highest among the Queens neighborhoods, Hunters Point was the only one with a year-over-year decline, down from $1.179 million in 2023.
The biggest year-over-year jump in the rankings occurred in East Flushing. After finishing in 102nd place among the most expensive neighborhoods in the city in 2023, East Flushing rocketed up to 50th place in 2024. This spike was thanks to a 46% boost in median sales price, from $601,000 in 2023 to $880,000 in 2024.
Queensboro Hill and Fresh Meadows tied for 40th place with a median sales price of $980,000. Hollis Hills was ranked 41st with a $975,000 median sales price, followed by Bayside in 42nd at $970,000 and Auburndale in 43rd at $960,000. Rockwood Park and Belle Harbor were tied for 47th place at $930,000. Ditmars-Steinway finished 2024 in 48th place at $925,000.
Construction begins on 56-story skyscraper with over 600 condominiums and 10K square feet of retail space in LIC
Queens residents were very interested in reading about work beginning on the creation of a new mixed-use skyscraper that will feature more than 600 condominiums and over 10,000 square feet of retail space at 24-19 Jackson Ave. in Long Island City.
The building, which is expected to be completed in late 2028 or early 2029, will be 676 feet tall and cover approximately 700,000 square feet.
As of November 2025, the construction work being done there included rebar and formwork being assembled for concrete pouring, with active piling machines, excavators and cement trucks already at the site. Excavation and foundation will continue to progress throughout the winter, before the new structure begins to rise, which is on track to occur as early as this coming spring.
FXCollaborative designed the building, which will help bring plenty of much-needed housing to Queens. Tavros Capital and Charney Companies are developing the structure, in partnership with Incoco Capital.
The development site was previously owned by the Japanese hotel operator Toyoko Inn. The property was purchased from Tokyo Inn for $68.3 million by the developers in 2022.
A lease has already been signed by Chelsea Piers Fitness to occupy 72,000 square feet of the building’s podium. This exercise center will have an indoor basketball court, a running track, fitness studios, athletic training spaces and an outdoor swimming pool.
Resorts World officially submits bid to expand Queens casino into $5.5B full-scale resort
In June of 2025, Resorts World Casino officially submitted its bid to the New York State Gaming Commission for a proposed $5.5 billion expansion of its South Ozone Park casino into a full-scale resort.
The project would create an estimated 5,000 union construction jobs, with the completion of the resort leading to the workforce at Resorts World Casino increasing from 1,000 employees to 5,000. Features of the expansion would include a 500,000-square-foot gaming floor with more than 6,000 slots and 800 table games, 2,000 hotel rooms, an entertainment venue with 7,000 seats, over 7,000 parking spaces, more than 300 food and beverage outlets, 3,000 units of workforce housing, a large-scale meeting space, enhanced public transit connections and over 10 acres of community greenspace.
In December, the New York State Gaming Commission approved this development in a vote, along with the Metropolitan Park project in Willets Point. Resorts World was given a 15-year license, contingent to a monitoring agreement with an independent third party being signed to ensure the projects stay in line with the standards required by the state. The third-party monitor must be approved by the New York State Gaming Commission and will also be responsible for ensuring this project delivers on substantial community promises over the next five years.
Housing lottery for Willets Point Commons officially opens
This December, New York City launched the housing lottery for Willets Point Commons, the first phase of the affordable housing complex being built next to Citi Field and the upcoming Etihad Park soccer stadium.
Willets Point Commons, which spans two buildings, has 880 housing units available for qualified applicants. Apartment sizes range from studios with monthly rents as low as $446 to three-bedroom units with monthly rents being as high as $4,244.
The units will be available to households earning between 30% and 120% of the area median income. Applicants must be at least 18 years old and will be required to provide recent pay stubs, W-2 wage statements, last year’s federal and state tax returns, benefit award letters, child support or alimony payments, verification of assets and other information.
Of the 880 units, 20% have been set aside for Queens Community Board 7 residents, 10% for veterans and/or New York City municipal employees, 5% for mobility access needs and 2% for visual and hearing access needs.
Amenities at Willets Point Commons include green space, public spaces, a neighborhood market, two landscaped inner courtyards, tenant lounge space, outdoor terraces with barbeque grills, a community garden, a fitness center, a children’s playroom, co-working space, ground floor retail shops, bike storage, electric vehicle charging stations and other community facilities.
Those interested in learning more about the housing lottery, eligibility and pricing can go to LiveWilletsPoint.com. Those looking to apply can go to HousingConnect.NYC.gov.
Gaming Commission approves all 3 NYC casino bids, including Metropolitan Park & Resorts World in Queens
The proposed Metropolitan Park casino was a topic of immense attention and discussion throughout 2025. There were plenty of Queens residents and leaders who voiced their support for the addition of a Hard Rock casino next to Citi Field, as well as many others who were against it.
Ultimately, the New York State Gaming Commission approved the addition of the casino, awarding a 20-year lease.
Following the casino’s approval, New York Mets Owner Steve Cohen, who launched the bid for the casino alongside Hard Rock International, said the project will present an opportunity to improve the area surrounding Citi Field.
“Since the day I bought the team, the community and Mets fans have made it clear to me that we can and should do better with the area around the ballpark,” Cohen said in a statement. “Now, we are going to be able to deliver the sports and entertainment district that our fans have been asking for.”
The Metropolitan Park project will transform 50 acres of Citi Field’s parking lot into a casino complex that will also feature a 25-acre public park, new shops and restaurants, a Taste of Queens food hall and the full-scale redevelopment of the Mets-Willets Point subway station. There will also be a 1,000-key hotel, with around 39% expected to be suites, as well as a 5,600-seat entertainment venue.
A pledge was made for the creation of 23,000 union jobs in the development of the casino, with a priority toward local hires. The $8.1 billion project also includes up to $1 billion in community investment.
Common criticisms of the Metropolitan Park casino proposal include concerns that it would end up targeting vulnerable members of the community and could lead to the displacement of poor and working-class residents. Some have gone so far as to accuse the casino bid of manipulating the public hearing process.
Despite these concerns, the bid had gone through extensive approval processes, including from the City Council during the city’s Uniform Land Use Review Procedure (ULURP). Each process resulted in overwhelming approval.
