2018 New York Laws
RPP - Real Property
Article 8 - Conveyances and Mortgages
278-A - Sale or Exchange of Certain Real Property or Mortgage Investments Therein Authorized.

§  278-a.  Sale  or  exchange  of  certain  real  property or mortgage
  investments therein  authorized.  Trustees,  executors,  administrators,
  guardians,   committees,   conservators   and   all   other  persons  or
  corporations holding trust funds or  acting  in  a  fiduciary  capacity,
  corporations  and  private  bankers  organized  under  or subject to the
  provisions of the banking law, the superintendent of financial  services
  as  conservator,  liquidator or rehabilitator of any such corporation or
  private banker organized under and subject  to  the  provisions  of  the
  banking  law,  persons, partnerships and corporations organized under or
  subject to the provisions of the insurance law,  the  superintendent  of
  financial  services  as  conservator, liquidator or rehabilitator of any
  such person, partnership or corporation organized under  or  subject  to
  the provisions of the insurance law who or which (1) own any property on
  which there is a building defined in the multiple dwelling law as an old
  law  tenement  or  who  or  which  hold a mortgage or other lien on such
  property, or
(2) own any property, improved or unimproved, or any mortgage or other
  lien thereon, within any section of a municipality  included  in  a  map
  showing sections containing areas for clearance, replanning and low rent
  housing,  adopted  by  the  planning commission of the municipality as a
  whole or part of the master plan, or
(3) own any property, improved or unimproved, or any mortgage or other
  lien thereon,  within  any  section  of  a  municipality  which  may  be
  designated  by  the  planning commission or the housing authority of the
  municipality as substandard  or  insanitary,  may  sell  such  property,
  mortgage  or  lien, and may, notwithstanding any other provision of law,
  receive and hold in exchange therefor securities issued by a corporation
  owning or acquiring title to such property, if  such  corporation  shall
  agree  in  writing  at  the  time of such sale, to reconstruct, improve,
  alter, repair or demolish such property or to construct a  new  building
  on  such  property,  or  on such property and on any contiguous property
  owned or to be acquired by such corporation.