N.Y. SCC Law § 37

§ 37. Disposition of real estate; franchises. No ordinance shall be\npassed making or authorizing a sale or lease of city real estate or of\nany franchise belonging to or under the control of the city except by\nvote of three-fourths of all the members of the common council. In case\nof a proposed sale or lease of real estate or of a franchise, the\nordinance must provide for a disposition of the same at public auction\nto the highest bidder, under proper regulations as to the giving of\nsecurity and after public notice to be published once each week for\nthree weeks in the official paper or papers, provided, however, that\nwhere the real estate proposed to be sold or leased was acquired by the\ncity pursuant to the provisions of section seventy-two-k or\nseventy-two-m of the general municipal law for the purposes set forth\ntherein, or where such real estate is owned by the city and devoted to\nsuch purposes, the ordinance may provide that such real estate shall be\nsold or leased to the highest responsible bidder upon sealed bids after\nnotice thereof has been published in the same manner as hereinbefore set\nforth for sale or lease by public auction. Such notice shall contain a\nstatement of the time and place where all bids received in pursuance\nthereof will be publicly opened and read, and pursuant to such notice,\nall bids received shall be publicly opened and read at the time and\nplace so specified. A sale or lease of real estate or a franchise shall\nnot be valid or take effect unless made as aforesaid and subsequently\napproved by a resolution of the board of estimate and apportionment or\nother governing body. No franchise shall be granted or be operated for a\nperiod longer than fifty years. The common council may, however, grant\nto the owner or lessees of an existing franchise, under which operations\nare being actually carried on, such additional rights or extensions in\nthe street or streets in which the said franchise exists, upon such\nterms as the interest of the city may require, with or without an\nadvertisement, as the common council may determine; provided, however,\nthat no such grant shall be operative unless approved by the board of\nestimate and apportionment or other governing body, and also by the\nmayor.\n