A wave of distressed real estate properties in New York City’s outer boroughs of Brooklyn and Queens are dominating business bankruptcy filings at the federal courthouse in downtown Brooklyn and contributing to the district’s outsize share of cases nationwide.
The US Bankruptcy Court for the Eastern District of New York, often overshadowed by its sister court in Manhattan as a hub for corporate restructuring, has edged out all 93 other US federal districts when it comes to real estate-related bankruptcy filings over the last several years. Comprising the city’s two most populous boroughs, in addition to Staten Island and Long ...
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