N.Y. RPT Law § 472

§ 472. Pharmaceutical societies. 1. Real property from which no rent\nis derived situated within a city having a population of one hundred\nseventy-five thousand or more according to the latest federal census and\nowned by an incorporated pharmaceutical society which is either wholly\nor partly within such city, which society has heretofore been or may\nhereafter be authorized and empowered by act of the legislature to\nestablish and which has established or may hereafter establish, a\ncollege of pharmacy in such city shall be exempt from taxation, provided\nthat such property is used exclusively for the purposes of such college,\nand provided further that such property shall be taxable by any\nmunicipal corporation within which it is located if the governing board\nof such municipal corporation, after public hearing, adopts a local law,\nordinance or resolution so providing. Any such local law, ordinance or\nresolution may be amended or repealed. The provisions of subdivision\nsix of section four hundred twenty-b of this article shall apply to any\nsuch real property.\n 2. If any provision of this section or the application thereof to any\nperson or circumstances is held unconstitutional, the remainder of this\nsection and the application of such provision to other persons or\ncircumstances shall not be affected thereby.\n