N.Y. Est. Powers & Trusts Law § 9-1.4

§ 9-1.4 Acquisition of real property by foreign trust\n Where real property situated in this state is acquired by a trust\nvalidly created under the law of another jurisdiction, whether there is\na violation of the rule against perpetuities and whether a direction for\nthe accumulation of rents and profits is valid are determined by the law\nof this state in effect at the time of the acquisition of such property.\n