NY S07532

Exempts real property at 20 West 44th Street, New York, NY 10036 from taxation if owned by the General Society of Mechanics & Tradesmen of the City of New York, a 501(c)(3) tax-exempt organization.

Requires the property to be used exclusively for educational and cultural purposes and for renting space to other not-for-profit associations and organizations.

Directs the City of New York to cancel and annul any unpaid real property taxes and accrued interest on the property.

Conditions the exemption on maintaining exclusive use for qualifying purposes, retaining title with the society, and ensuring rental income does not exceed the society's total reasonable operating costs.

Renumbers subdivision 13 of section 420-a as subdivision 15 and makes the act effective retroactively to July 1, 2012.