Section 384. Disposal of property of the city

a. No real property of the
  city may be sold, leased, exchanged or otherwise disposed of except with
  the approval of the mayor and as may be  provided  by  law  unless  such
  power is expressly vested by law in another agency.
    b. Except as otherwise specifically provided by law:
    1.  The  mayor  may  authorize  the sale or lease only for the highest
  marketable price or rental, at public auction  or  by  sealed  bids  and
  after  advertisement for at least thirty days in the City Record, of any
  real property belonging to the city or any  interest  therein.  No  such
  sale  or  lease shall be authorized until a public hearing has been held
  with respect to such sale or lease after the publication  of  notice  in
  the City Record at least thirty days in advance of such hearing. No such
  lease shall run for a term longer than ninety-nine years. Any conveyance
  or  lease  may  provide  for  the  restriction  of  the use of such real
  property.
    2. Real property of the city may be leased only after  appraisal  made
  within  six months prior to the authorization of the lease by the mayor,
  provided, however, that advertisement for a public auction or for sealed
  bids shall be commenced within sixty days of such authorization.
    3. Real property of the city may be sold  only  after  appraisal  made
  within  six  months  prior  to the authorization of the sale and after a
  review of such appraisal by the department  of  citywide  administrative
  services  within  thirty  days  prior to authorization of sale, provided
  that advertisement for  the  public  auction  for  such  sale  shall  be
  commenced within sixty days of such authorization.
    4.  Notwithstanding  the  provisions  of this charter, or any general,
  special, or local law to the contrary, the mayor may, with the  approval
  of  a  majority  of  the  members of the borough board of the borough in
  which such real property is located, lease or sell any real property  of
  the  city,  except  inalienable  property  or any interest therein, to a
  local development corporation without competitive bidding and  for  such
  purpose  or  purposes  and  at  such  rental or for such price as may be
  determined by the mayor to be in the public interest, and no such  lease
  shall run for a term longer than ninety-nine years.
    5.  Any  application  for  the sale, lease (other than lease of office
  space), exchange or other disposition of real property of the city shall
  be subject to review and  approval  pursuant  to  sections  one  hundred
  ninety-seven-c  and  one  hundred  ninety-seven-d.  Such review shall be
  limited to  the  land  use  impact  and  implications  of  the  proposed
  transaction.
    (a)  A  community  board may waive the conduct of a public hearing and
  the preparation of a written recommendation with respect to any proposed
  lease of property which in the judgment of the board does not involve  a
  substantial land use interest.
    (b)  The  city  planning  commission may waive a public hearing on any
  application involving a lease of property.