N.Y. RPT Law § 424

§ 424. Institute of arts and sciences. Real property which may\nhereafter be acquired within a city having a population of one million\nor more by a corporation, organized exclusively as an institute of arts\nand sciences for the general purposes of the encouragement of the study\nof and the advancement of knowledge in the arts and sciences within such\ncity on which a building has been constructed as an academy of music\nwhich is maintained and operated by such corporation as such and to\notherwise further the purposes for which such corporation was organized,\nshall be exempt from taxation including the buildings thereon as\nprovided for corporations in section four hundred twenty-a of this\narticle although a portion thereof is leased or otherwise used for the\npublic performances of opera or concerts, lectures, graduation exercises\nor for such other non-commercial uses for the purposes of income, if\nsuch income is necessary for and is actually applied to the maintenance\nand support of such academy of music.\n