N.Y. Real Prop. Acts. Law § 276

§ 276. Effect of certain easements on the right to invest in\nmortgages. The existence of an easement in real property acquired or\nreserved by a municipal corporation, a railroad corporation or other\ntransportation corporation, shall not be deemed an encumbrance upon such\nreal property under any law relating to investments in mortgages upon\nreal property by corporations, trustees, executors, administrators,\nguardians or other persons holding trust funds, but the effect of such\nan easement upon the real property which it affects, shall be taken into\nconsideration in determining the value thereof.\n