A deal for a waterfront mansion in Malba, Queens, just set a new neighborhood record.
A home at 117 Malba Drive closed for $6.3 million in August, making the priciest sale to hit the books in the wealthy enclave, known for its sprawling suburban-like abodes, according to public records. It last traded for $5.5 million in 2017, which held the previous record.
The Mediterranean-style estate hit the market last April with an asking price of nearly $8 million, according to Zillow. It snagged a signed contract in July after multiple price cuts brought its ask down to just under $7 million. The identities of both the buyer and seller were shielded by an LLC.
The property spans 8,300 square feet and has five bedrooms, seven bathrooms and a finished basement. It also features a backyard and multiple terraces. The deal includes a deeded boat dock in the neighborhood’s private marina.
Po Wei Tair of Remax 1st Choice in Great Neck, and Hui Fang Chen of Flushing-based AAA Young Shuen Realty had the listing.
News of the deal comes as prices have been rising in the luxury section of Whitestone, Queens. In the first quarter of 2025, Malba ranked as the 11th most expensive neighborhood in New York City with a median sale price of $1.6 million, falling just behind the Theatre District in Manhattan, according to a report from Property Shark.
Sellers in the neighborhood have been trying to push prices to new heights for several years, though deals continue to fall short of their aspirations.
Another waterfront mansion at 3 Point Crescent hit the market in 2017 with an asking price of $9.2 million, at the time the most expensive asking price in Queens. However, the seven-bedroom home didn’t land a buyer until five years later, when it finally sold for just $4 million. It’s now under contract with a last asking price of $5.9 million.
Despite its climbing prices, the top trades in the borough have largely occurred in the Rockaways. A beachfront home next to Jacob Riis Park scored Queens’ priciest deal in 2023 when it closed for $8.3 million, followed by another home south of Rockaway Beach Boulevard, which sold for $7.6 million in March.
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