2006 New York Code - Corporate Powers.

 
    § 3. Corporate  powers.  The  citizens  of the state of New York, from
  time  to  time  inhabitants  of  the  territory  comprised  within   the
  boundaries  of the city, shall continue to be a municipal corporation in
  perpetuity under its corporate name, and the same shall in that name  be
  a body politic and corporate in fact and in law, with power of perpetual
  succession. The city shall have power:
    1.  To  take,  purchase,  hold,  lease,  sell and convey such real and
  personal property as the purposes of the corporation may require.
    2. To take by gift, grant,  bequest  and  devise  and  hold  real  and
  personal estate absolutely or in trust for any public use including that
  of  education, art, ornament, health, charity or amusement, for parks or
  gardens, or for the use or erection of statues, monuments, buildings  or
  structures,  upon  such  terms or conditions as may be prescribed by the
  grantor or donor and accepted by said corporation and to provide for the
  proper administration of the same.
    3. To make, have and use, and from time to time alter, a common seal.
    4. To contract and be contracted with, to sue and be sued, to complain
  and defend and to institute, prosecute, maintain and defend  any  action
  or proceeding in any court.
    5. To have and exercise all of the rights, privileges and jurisdiction
  essential to a proper exercise of its corporate functions, including all
  that  may be necessarily incident to, or may be fairly implied from, the
  powers specifically conferred upon such corporation.
    6. To have and exercise all  the  rights,  privileges,  functions  and
  powers  now  prescribed and exercised by it under existing or subsequent
  laws and not inconsistent with the provisions of this chapter.