N.Y. CAL Law § 43

§ 43. Exchange of property. In order to facilitate the acquisition of\nproperty as defined in this article, and which, in the judgment of the\ncorporation, will be in the public interest and necessary for canal\npurposes, payment for such property may be made by means of an exchange\ntherefor of property found to be no longer necessary or useful as a part\nof the barge canal system, or as an aid to navigation thereon, or for\nbarge canal terminal purposes. The property to be so acquired shall be\nof at least equal value to that of such property to be exchanged. The\ncorporation is authorized and empowered to enter into an agreement with\nthe owner or owners of such property to be so acquired, upon such terms\nand conditions as to such corporation shall seem appropriate and proper\nto accomplish such purpose.\n In all such cases, the property so to be exchanged shall first be\ndeclared abandoned by official order of the corporation which order\nshall set forth the benefits to be obtained by such exchange. In such\nabandonment it shall be unnecessary to conform to the provisions for\nabandonment made in section fifty-one of this chapter. The agreement and\nthe title to the property to be acquired shall be subject to the\napproval of the attorney-general. Upon the approval of title by the\nattorney-general, the corporation is authorized and empowered to execute\nin the name of the people of the state of New York, a quit-claim deed to\neffectuate such exchange, which shall be subject to the approval of the\nattorney-general. The deed so executed, before becoming effective, shall\nbe recorded in the office of the secretary of state. Compensation on\naccount of excess value if any, of the lands so acquired shall be\nadjusted and paid in the manner provided by section forty of this\narticle, as in the case of property taken by appropriation.\n