N.Y. Real Prop. Tax Law § 434

§ 434. Academies of music. The financial board of any city having a\npopulation of one hundred seventy-five thousand or more according to the\nlatest federal census may by resolution exempt from taxation and exempt\nfrom special ad valorem levies and special assessments to the extent\nprovided in section four hundred ninety of this chapter, all or any part\nof the real property consisting of, and owned by a corporation or\nassociation organized to maintain, an academy of music, if, in the\nopinion of such board, the interest of such city requires the\nmaintenance of such academy of music and it appears that the property\nwas purchased with the proceeds of popular or general subscription. No\nsuch exemption shall be granted for any year if it appears that the\ncorporation or association during the preceding year earned a net annual\nincome upon the net cost of such academy and the furniture thereof.\n