NY S04650

Authorizes the City of New York to transfer a light and air easement volume above Lost Battalion Hall Park in Queens to Alexander's of Rego Park III, Inc. in exchange for a contiguous light and air easement volume.

Requires any residential or commercial development adjacent to Lost Battalion Hall Park to include ground-level classroom space for at least thirty-six full-day pre-kindergarten program slots, with no more than eighteen students per classroom.

Mandates that if the fair market value of the easement acquired from Alexander's of Rego Park III, Inc. is less than the value of the easement transferred, the city must dedicate the difference toward acquiring additional parkland or capital improvements to park facilities in Queens.

Requires compliance with federal Land and Water Conservation Fund requirements before the transfer can occur, including obtaining approval from the Secretary of the Interior that replacement lands are equivalent in fair market value and recreational usefulness.