N.Y. Railroad Law § 305

§ 305. Tax exemption. A railroad redevelopment corporation, during\neach year of its existence as such corporation, shall be exempt from the\npayment of any and all taxes (including, without limitation, franchise,\norganization, income, mortgage recording, excise, sales, and\ncompensating use taxes) to the state, or to any political subdivision\nthereof, or to any officers of any thereof, except taxes and assessments\nlevied or imposed upon the real property of such corporation; and, as to\nsuch taxes or assessments so levied or imposed, such corporation shall\nbe entitled to the exemption provided in section four hundred\nseventy-six of the real property tax law.\n