The audit from State Comptroller Thomas P. DiNapoli underscores the need for New York's Empire State Development Agency to enhance transparency, particularly regarding the sale of its real estate holdings.
DiNapoli's findings indicate that ESD has not adhered to statutory requirements for annual reporting of real estate holdings, leading to insufficient scrutiny of transactions involving properties sold below fair market value.
Such troubling transactions, including sales for as low as $1, demonstrate a lack of transparency, as these should include appraisals of fair market value and expected public benefits.
The report, which ESD only published following this audit, was found to contain several inaccuracies, further highlighting the agency's failure to meet its transparency obligations.
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