Question 1

Where are New York commercial receivership cases filed?

Accepted Answer

Most commercial receivership petitions in New York are filed in New York Supreme Court, the county-level trial court. Petitions involving Manhattan properties are filed in New York County Supreme Court at 60 Centre Street. Other borough courts handle properties in their respective jurisdictions. ACRIS (Automated City Register Information System) records receiver appointment notices and can be searched by property address.

Question 2

How long does a New York commercial receivership take before the asset sells?

Accepted Answer

New York receivership timelines have compressed in recent cycles. From receiver appointment to executed purchase agreement, current cycles average 6-12 months for properties with clear title and no major litigation. Sale approval hearings add 4-6 weeks. Total from appointment to closing: 9-18 months in most cases, though complex assets with multiple liens can extend to 24 months.

Question 3

What asset types are most active in New York commercial receivership in 2026?

Accepted Answer

Office buildings in Midtown Manhattan and the Financial District account for the majority of current receivership activity by dollar value. Retail condominiums and street-level retail in mixed-use buildings are the second-largest category. Hotel properties with CMBS debt, particularly those in the 2018-2020 vintage, are the third category. Multifamily and industrial receiverships are relatively rare given continued strong performance in those asset classes.