N.Y. Est. Powers & Trusts Law § 10-5.4

§ 10-5.4 Priority\n The interest of the donee of a power of appointment, and of any\nappointee thereunder, has priority with respect to real property subject\nthereto, as against creditors, purchasers or incumbrancers, in good\nfaith and without notice, of or from a person having an estate in such\nproperty, only from the time at which the instrument creating the power\nis duly recorded. As against all other persons, such interest has\npriority from the time at which the instrument creating the power takes\neffect.\n