NY S02556

Requires public authorities to transfer property at or above fair market value when a right of first refusal is exercised in disposal contracts

Mandates that any disposal of public authority assets for less than fair market value to non-governmental entities must receive written notification to the governor, assembly speaker, and senate temporary president, with a 60-day window for denial

Requires current appraisals (rather than just any appraisal) of fair market value when proposing below-market transfers, along with disclosure of ownership information and value received by each private party

Removes the exception allowing below-market transfers simply because they align with a public authority's "purpose, mission or governing statute," now requiring an explicit public interest determination

Applies to all property disposals and contracts entered into on or after the effective date