2016 New York Laws
RPT - Real Property Tax
Article 4 - EXEMPTIONS
Title 2 - (420-A - 489) PRIVATE PROPERTY
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.