N.Y. RPP Law § 120

§ 120. Operation and sale by mortgage trustee. Such banking\ncorporation, upon acquiring such property, shall hold, lease, rent,\noperate and manage the same for the pro rata benefit of all parties\ninterested in said mortgage, deed of trust or indenture and may, but\nshall not be required to, issue certificates of participation in said\nproperty and the rents, issues and profits thereof to those parties\ninterested in said mortgage or indenture according to their respective\ninterests. At any time thereafter with the consent of the holders of\neighty-five per centum of the principal amount of the bonds or\ncertificates outstanding, or with the approval of the court after such\nnotice to the bondholders or certificate holders as the court by order\nmay direct, the court may make an order authorizing the trustee to sell\nsuch property for such price and upon such terms as to credit or\notherwise or for such stocks, bonds or other securities as it deems best\nfor those beneficially interested in said mortgage, deed of trust or\nindenture. The order directing the giving of notice to bondholders and\ncertificate holders of the application of the trustee to sell such\nproperty shall provide for personal service of such notice not less than\nthirty days before the return date thereof, upon not less than ten\nspecified bondholders or certificate holders and notice by mail to all\nother bond or certificate holders whose addresses are known to the\ntrustee and publication of such notice once a week on a week day for\nthree successive weeks preceding the return date thereof in one\nnewspaper of general circulation published in the city or county where\nsaid real property is located.\n