A waterfront mansion in Malba, Queens has set a new record for the neighborhood’s most expensive home sale. The property at 117 Malba Drive closed in August for $6.3 million, according to public records. This sale surpasses the previous record of $5.5 million, which was also held by the same property when it last changed hands in 2017.
The Mediterranean-style house was initially listed in April with an asking price close to $8 million, based on information from Zillow. After several price reductions, the listing dropped to just under $7 million and entered contract in July. Both buyer and seller identities remain confidential through an LLC.
The estate measures 8,300 square feet and features five bedrooms, seven bathrooms, a finished basement, backyard, multiple terraces, and includes a deeded boat dock at the neighborhood’s private marina. Po Wei Tair of Remax 1st Choice in Great Neck and Hui Fang Chen of AAA Young Shuen Realty in Flushing represented the listing.
According to a report from Property Shark, Malba ranked as New York City’s 11th most expensive neighborhood during the first quarter of 2025 with a median sale price of $1.6 million, placing it just behind Manhattan’s Theatre District.
Sellers have continued to test higher price points in Malba but often fall short of their goals. For example, another waterfront mansion at 3 Point Crescent was listed for $9.2 million in 2017—the highest asking price for a Queens home at that time—but ultimately sold five years later for $4 million and is now under contract again with a last asking price of $5.9 million.
While prices are rising in parts of Queens like Malba and Whitestone, the borough’s most expensive trades have occurred elsewhere recently. In 2023, a beachfront home near Jacob Riis Park set the overall Queens record by closing at $8.3 million; another nearby property south of Rockaway Beach Boulevard sold for $7.6 million this March.
