a. No real property of the city may be sold, leased, exchanged or otherwise disposed of except with the approval of the mayor and as may be provided by law unless such power is expressly vested by law in another agency.

Terms Used In N.Y. New York City Charter 384

  • appraisal: A determination of property value.
  • corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

b. Except as otherwise specifically provided by law:

1. The mayor may authorize the sale or lease only for the highest marketable price or rental, at public auction or by sealed bids and after advertisement for at least thirty days in the City Record, of any real property belonging to the city or any interest therein. No such sale or lease shall be authorized until a public hearing has been held with respect to such sale or lease after the publication of notice in the City Record at least thirty days in advance of such hearing. No such lease shall run for a term longer than ninety-nine years. Any conveyance or lease may provide for the restriction of the use of such real property.

2. Real property of the city may be leased only after appraisal made within six months prior to the authorization of the lease by the mayor, provided, however, that advertisement for a public auction or for sealed bids shall be commenced within sixty days of such authorization.

3. Real property of the city may be sold only after appraisal made within six months prior to the authorization of the sale and after a review of such appraisal by the department of citywide administrative services within thirty days prior to authorization of sale, provided that advertisement for the public auction for such sale shall be commenced within sixty days of such authorization.

4. Notwithstanding the provisions of this charter, or any general, special, or local law to the contrary, the mayor may, with the approval of a majority of the members of the borough board of the borough in which such real property is located, lease or sell any real property of the city, except inalienable property or any interest therein, to a local development corporation without competitive bidding and for such purpose or purposes and at such rental or for such price as may be determined by the mayor to be in the public interest, and no such lease shall run for a term longer than ninety-nine years.

* 4-a. Notwithstanding the provisions of paragraph one of this subdivision, the mayor may, without public auction or sealed bids, authorize the sale of real property of the city, except inalienable property or any interest therein, that cannot be independently developed, directly to private owners of abutting property, and/or an entity or entities comprised thereof. The consideration for a sale of real property pursuant to this paragraph shall be the fair market value of such parcel as determined by appraisal. For purposes of this paragraph, real property that cannot be independently developed shall mean property that cannot be developed due to its size, shape, applicable zoning, configuration or topography, which factors, singly or in combination, render the development of such property economically impracticable or infeasible. No such sale directly to private property owners shall take place without a public auction or sealed bids (i) unless a finding by the mayor, based on a certification by the commissioner of citywide administrative services that independent development is economically impracticable or infeasible, has been made that such sale is in the best interests of the city, and (ii) until a public hearing has been held with respect to such sale after the publication of notice in the City Record at least thirty days in advance of such hearing, and (iii) at least thirty days in advance of such hearing, a copy of the aforesaid notice in the City Record has been mailed to each abutting property owner accompanied by a statement that the real property to be sold without auction abuts such property owner’s

property. Any conveyance may provide for the restriction of the use of such real property. Nothing in this paragraph exempts dispositions of real property to abutting owners (and/or an entity or entities comprised thereof) from any applicable review and approval requirements set forth in sections one hundred ninety-seven-c and one hundred ninety-seven-d of this charter.

* NB Repealed December 31, 2020

5. Any application for the sale, lease (other than lease of office space), exchange or other disposition of real property of the city shall be subject to review and approval pursuant to sections one hundred ninety-seven-c and one hundred ninety-seven-d. Such review shall be limited to the land use impact and implications of the proposed transaction.

(a) A community board may waive the conduct of a public hearing and the preparation of a written recommendation with respect to any proposed lease of property which in the judgment of the board does not involve a substantial land use interest.

(b) The city planning commission may waive a public hearing on any application involving a lease of property.