Real estate litigation in New York is in a class by itself. The high value of property in the city means that millions — or even billions — of dollars are often at stake when a dispute arises among developers, purchasers, sellers and other players. Fortunately, in New York there is a court that is uniquely equipped to handle these high stakes cases.
The Commercial Division of the New York Supreme Court is the venue of choice for attorneys and parties in major real estate disputes. The court sits in Manhattan at 60 Centre Street. For a case to be eligible for the Commercial Division, the amount in dispute must be at least $500,000. Parties can request the division when filing a lawsuit, but the Supreme Court ultimately decides where cases will be heard.
Commercial Division judges have a significant caseload consisting of all types of business and financial disputes, in addition to real estate cases. They are usually elected, although some sit as acting judges by appointment. Their experience with real estate cases means they have a thorough understanding not only of the applicable law, but the practical implications of their rulings.
Real estate litigation in New York is often complex and the stakes are usually very high. Whether the case involves a lease dispute, a partition action, a foreclosure, a dispute among partners or something else, parties need to be aware of the law and the risks before they enter the courtroom. An experienced real estate law firm can help a client work for a favorable and cost-effective outcome.
Source: therealdeal.com, “The judges who rule over real estate,” Will Parker, April 1, 2016