N.Y. Real Property Tax Law § 424: Institute of arts and sciences

§ 424. Institute of arts and sciences. Real property which may

hereafter be acquired within a city having a population of one million

or more by a corporation, organized exclusively as an institute of arts

and sciences for the general purposes of the encouragement of the study

of and the advancement of knowledge in the arts and sciences within such

city on which a building has been constructed as an academy of music

which is maintained and operated by such corporation as such and to

otherwise further the purposes for which such corporation was organized,

shall be exempt from taxation including the buildings thereon as

provided for corporations in section four hundred twenty-a of this

article although a portion thereof is leased or otherwise used for the

public performances of opera or concerts, lectures, graduation exercises

or for such other non-commercial uses for the purposes of income, if

such income is necessary for and is actually applied to the maintenance

and support of such academy of music.