N.Y. Debtor & Creditor Law § 24

§ 24. Appraisal of estate in the hands of assignee. Whenever it shall\nbecome necessary to appraise in whole or in part any estate in the hands\nof any assignee for the benefit of creditors, the persons whose duty it\nshall be to make such appraisal shall value the real estate at its full\nand true value, taking into consideration actual sales of neighboring\nreal estate similarly situated during the year immediately preceding the\ndate of such appraisal, if any; and they shall value all such property,\nstocks, bonds or securities as are customarily bought or sold in open\nmarkets in the city of New York or elsewhere, for the day on which such\nappraisal or report may be required, by ascertaining the range of the\nmarket and the average of prices as thus found, running through a\nreasonable period of time.\n