N.Y. Public Authorities Law § 2490-e: Acquisition of land for the project

§ 2490-e. Acquisition of land for the project. 1. The authority may

acquire lands by purchase or condemnation for the project. It shall have

the power to sell, lease or otherwise dispose of said real property and

shall retain and have the power to use the proceeds of sale, rental or

other moneys derived from the disposition thereof for its purposes.

2. Notwithstanding any law to the contrary the city may, by legal

instrument authorized by a resolution, lease real property owned by the

city to the authority, with or without consideration, for so long as the

authority's existence shall continue.

3. Notwithstanding any other provision of law, the city may by legal

instrument authorized pursuant to resolution, purchase, lease, license

or otherwise acquire the project or any interest therein, including

terms of years; and, by resolution, establish a capital reserve fund for

the purpose of financing all or a part of the cost of such purchase,

lease, license or other acquisition, including rent related to the

acquisition of a leasehold interest in the project, and make

expenditures from such fund for such purposes.