N.Y. General Municipal Law § 556: Disposition of property

§ 556. Disposition of property. 1. An agency may sell, lease for a

term not exceeding ninety-nine years, or otherwise dispose of any real

property and appurtenances thereto or any interest therein acquired by

it pursuant to section five hundred fifty-five of this article, to any

person, firm or corporation at the highest marketable price or rental at

public auction or by sealed bids.

2. Notwithstanding the provisions of subdivision one of this section,

such real property and appurtenances thereto may be sold, leased for a

term of not exceeding ninety-nine years or otherwise disposed of for the

effectuation of any of the purposes of an urban renewal program in

accordance with the urban renewal plan pursuant to the provisions of

subdivision two of section five hundred seven of article fifteen of this

chapter.

3. Any deed, lease or instrument by which real property and

appurtenances thereto, or air rights and concomitant easements or other

rights of user necessary for the use and development of such air rights

over streets, alleys, highways or other public rights of way, railway or

subway tracks, bridge or tunnel approaches or entrances, or other

similar facilities, or air rights sites and necessary sitework, the

foundations and platforms constructed or to be constructed in connection

therewith, or any interest therein is conveyed or disposed of pursuant

to this section shall contain provisions requiring the purchaser, lessee

or grantee to replan, clear, rehabilitate, restore, renew, conserve,

improve, reconstruct or redevelop such property in accordance with the

urban renewal plan, as approved by the governing body, and within a

definite and reasonable period of time, subject to the terms of the

contract relating thereto between the agency and the sponsor and

provisions insuring the use of such real property for purposes

consistent with such urban renewal plan.

4. Notwithstanding anything to the contrary in this article or article

fifteen of this chapter and notwithstanding any provision of any

general, special or local law, such real property and appurtenances

thereto may be sold, leased for a term not exceeding ninety-nine years,

exchanged with or otherwise disposed of, for the effectuation of any of

the purposes of the urban renewal program in accordance with the urban

renewal plan, to any municipal corporation, school district, fire

district, housing authority, the state of New York, or the government of

the United States and any agency or department thereof, for a valuable

consideration and upon such terms and conditions as shall be approved by

the governing body of the municipality, without public auction or sealed

bids or public notice.