Authorizes the city of New York to sell certain lands now or formerly under the waters of Whale Creek otherwise known as Wyckoff Creek, which was a tributary of Newtown Creek

Added Senator Salazar as a co-sponsor and updated the header to reflect that the committee has discharged the bill and it was amended.

Rewrote the act to explicitly authorize the sale of waterfront lands by overriding existing laws that restrict the alienation of such property.

Defined 'eligible persons' strictly as those who own abutting upland real property at the time of the sale.

Added a mandatory requirement for the city to obtain an independent appraisal of the land before any alienation can occur.

Established a rule that if the sale price is below fair market value, the city must cover the difference using additional funds or capital improvements.

Granted the mayor a five-year period from the act's effective date to authorize sales without competitive bidding.