2006 New York Code - Purchase Or Acquisition Of Lands; Payment Of Purchase Price.

 
    § 59-b. Purchase  or  acquisition of lands; payment of purchase price.
  The commission shall cause an appraisal to be made of just  compensation
  to  the  owners  of  the  lands  and  the structures and waters thereon,
  appropriated by the state as hereinbefore provided, and of  the  estates
  and  interests  therein  of all persons, corporations or municipalities.
  The commission shall negotiate with the owners of such property for  the
  purchase  thereof,  but  in  no  case  shall  an amount greater than the
  appraised compensation for such property be paid.   The  commission  and
  the  persons,  corporations  and  municipalities whose property has been
  appropriated and  who  have  agreed  upon  a  compensation  to  be  paid
  therefor,  shall  enter into an agreement for the conveyance or transfer
  of the property appropriated and for the payment of the compensation  to
  be  paid, which shall be executed by the commission and the said owners.
  Such agreement shall be filed in the office of the comptroller.  If  the
  commission is unable to agree as to the compensation to be paid for such
  lands  and  the structures and waters thereon, the court of claims shall
  have jurisdiction to determine the amount of such compensation, and upon
  proceedings being brought before such court as provided by law, an award
  shall be made of compensation for the lands, structures  and  waters  or
  interests therein so appropriated.
    The  persons,  corporations  or municipalities whose property has been
  taken under the provisions of this article, and who have agreed upon the
  compensation to be paid therefor or to whom an award of compensation has
  been made by the court of claims, shall be entitled to interest from the
  time of the actual occupancy thereof by the state to  the  date  of  the
  payment of the said compensation; but such interest shall cease upon the
  service  by the comptroller upon the person, corporation or municipality
  entitled thereto of a notice that the state is ready and willing to  pay
  the  amount  of  such compensation upon the presentation of proper proof
  and vouchers.