N.Y. RPT Law § 426

§ 426. Opera houses. Real property owned by any corporation whose\ncertificate of incorporation is approved by the commissioner of\neducation and which is organized to sustain, encourage and promote\nmusical art and to educate the general public in good music, provided\nmoneys donated to such corporation as a result of popular or general\nappeal shall have been used for the acquisition thereof and provided\nfurther that such real property shall be maintained for the production\nof opera and for furthering the purposes for which such corporation was\norganized by providing operatic and musical performances and other\nrelated educational activities, shall be exempt from taxation and exempt\nfrom special ad valorem levies and special assessments to the extent\nprovided in section four hundred ninety of this article, as provided for\ncorporations in section four hundred twenty-a of this article although a\nportion thereof is leased for public performances, opera, ballet,\nconcerts, lectures, meetings, graduation exercises or other educational\nor non-commercial uses for the purposes of income, if such income is\nnecessary for and actually applied to the maintenance and support of\nsuch corporation.\n