DiNapoli Audit: ESD Needs To Increase Transparency of Its Real Estate Holdings and Sales of Properties Below Fair Market Value
The State’s Empire State Development agency (ESD) has not been meeting statutory requirements to provide accurate, annual reports of its real estate holdings, and has sold several for as little as $1 with insufficient information about the economic benefits of the transfer compared to the fair market value of the property, a new audit from State Comptroller Thomas P. DiNapoli found.