Section 5-350. Sale and lease of acquired excess lands

a. After title to the
  real property required for the improvement, and to the additional lands,
  shall  have  vested in the city, the additional lands may be either held
  and used by the city, or sold or leased in the manner  provided  by  the
  charter  as  long  as  consistent  with  the  provisions of section four
  hundred six of the eminent domain procedure law. The board  of  estimate
  may  provide  that such additional lands shall be sold or leased subject
  to  such  restrictions,  covenants  or  conditions  as  to  location  of
  buildings   with  reference  to  the  real  property  acquired  for  the
  improvement, or the height of buildings or structures, or the  character
  of  construction  and  architecture  thereof,  or  such other covenants,
  conditions or restrictions as it may deem proper. Such additional  lands
  shall  be  sold  or  leased  subject  to such restrictions, covenants or
  conditions, if any, as the board of estimate may have prescribed,  which
  shall be set forth in the instrument of conveyance or lease.
    b.  Nothing  in  subdivision b of section three hundred eighty-four of
  the charter limiting the term of leases  by  the  city  to  a  different
  period  shall  apply to a lease by the city, acting through the board of
  estimate,  of  such  additional  real  property  for  housing  purposes,
  including stores on the street level.