New York City may sell former creek land to neighboring owners

The mayor may authorize a sale of the city's interest in the specified land without competitive bidding. The land is in lot 1, block 2612, on Brooklyn's city tax map. Eligible buyers must own property next to it when the sale occurs. The mayor sets the price and other sale terms. The sale is subject to review under sections 197-c and 197-d of the city charter. The five-year period begins when the law took effect. The law took effect immediately.

The city must obtain an independent appraisal before conveying the covered land. This applies to the waterfront land and underwater property covered by the law. If the sale price is below the appraised fair market value, the city must make up the difference by acquiring waterfront property, improving existing waterfront property in Brooklyn, or both. The appraisal must happen before the city conveys the land. The city must make up any shortfall if the sale price is below the appraisal.