Section 5-437. Release to owners

In any case where any street which has been
  conveyed   or   ceded   to  the  city  without  compensation,  shall  be
  discontinued and closed and the person or persons  who  have  made  such
  grant or conveyance, or his, hers or their heirs, devisees, executors or
  successors,  are  the  owners  and  have  retained title to the property
  fronting thereon, the board of estimate is authorized, on behalf of  the
  city,  to  release and convey without compensation or upon such terms as
  may appear to such board to be just and  equitable,  to  such  owner  or
  owners, his, hers or their heirs, devisees, executors or successors, all
  the right, title and interest which the city may have so acquired in and
  to  the  part  of  such  street, in consideration of the release by such
  owner or owners of any and all claims for damages  or  compensation  for
  and on account of the discontinuance or closing thereof. In such case no
  proceeding  shall be had to estimate such loss and damage as provided in
  this subchapter.