2021 New York Laws
PVH - Private Housing Finance
Article 5 - Redevelopment Companies
116 - Transfer of Real Property to Redevelopment Company.

§   116.   Transfer   of   real  property  to  redevelopment  company.
  Notwithstanding any requirement of law to the contrary or the absence of
  direct provision therefor in the instrument under which a  fiduciary  is
  acting,  every  executor,  administrator,  trustee,  guardian  or  other
  person, holding trust funds or acting in a  fiduciary  capacity,  unless
  the  instrument  under which such fiduciary is acting expressly forbids,
  the state, its subdivisions, municipalities, all  other  public  bodies,
  all  public  officers,  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, owning  or
  holding  any  real  property  within  an area, may grant, sell, lease or
  otherwise transfer any such real property to a redevelopment company and
  receive and hold any cash, stock, income debentures,  bonds,  mortgages,
  or  other  securities  or  obligations,  secured or unsecured, exchanged
  therefor by such redevelopment company and may execute such  instruments
  and  do  such acts as may be deemed necessary or desirable by them or it
  and by the  redevelopment  company  in  connection  with  a  project  or
  projects.  An  insurance  company which has undertaken a project through
  direct ownership and/or lease may  transfer  to  the  project  any  real
  property  which  it  owns or holds within an area and the actual cost of
  such property to the insurance company shall be included  in  the  total
  actual final cost of such project.