§ 2877. Transfer of real property. Notwithstanding any requirement of
law to the contrary or any provision of any general, special or local
law, charter or ordinance, every executor, administrator, trustee,
guardian or other person holding trust funds or acting in a fiduciary
capacity, unless the instrument under which such fiduciary is acting
expressly forbids, and the state, its subdivisions, municipalities, all
other public bodies, all public officers, persons, partnerships and
corporations owning or holding any real property, may grant, sell, lease
or otherwise transfer any such real property or interest therein to an
eligible borrower and receive and hold any cash, exchanged therefor by
such an eligible borrower and may execute such instruments and do such
acts as may be deemed necessary or desirable by them or it and by the
eligible borrower in connection with a project or projects and such
sale, lease or transfer may be made without public auction or bidding;
provided, however, that where such real property is within an urban
renewal area the disposition thereof shall be in accordance with the
provisions of paragraph (d) of subdivision two of section five hundred
seven of the general municipal law.