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

The act's title and Section 1 were changed to explicitly authorize the sale and conveyance of the land, overriding previous laws that restricted selling waterfront property.

A new Section 3 defines 'eligible persons' strictly as those who already own the upland property bordering the waterfront at the time of sale.

New Sections 2 and 3 allow the Mayor to sell the land without competitive bidding for five years, provided the buyer is an eligible upland owner.

Section 4 requires the city to obtain an independent appraisal and mandates that if the sale price is below fair market value, the city must use additional funds or capital improvements to make up the difference.

The effective date remains immediate, but the sale process is now subject to a new five-year authorization period for non-competitive sales.