§ 416. United Nations. Real property owned by the United Nations or
of any world-wide international organization of which the United States
shall be a member and which shall be established and shall provide
international agencies in order to maintain international peace and
security, develop friendly relations among nations and achieve
international cooperation in solving international problems of an
economic, social, cultural or humanitarian character, by taking action
which includes effective collective measures for the prevention and
removal of threats to peace, for the suppression of acts of aggression
or other breaches of the peace and for the bringing about by peaceful
means, and in conformity with the principles of justice and
international law, of the adjustment or settlement of international
disputes or situations which might lead to a breach of the peace,
exclusively used for the purpose of establishing and maintaining thereon
headquarters for offices and for places of assembly for carrying on the
functions of United Nations or other such world-wide international
organization shall be exempt from taxation, special ad valorem levies
and special assessments. The exemption granted by this section shall
continue with respect to such real property as long as it remains the
property of the United Nations or any world-wide international
organization as herein described and is used exclusively for the purpose
of maintaining thereon headquarters for offices and places of assembly
for carrying on the functions of the United Nations or such world-wide
international organization, and no longer. Any building, each portion
thereof, and the land on which such building is constructed, to the
extent and from time to time constituting part or all of the reuse
project defined in chapter three hundred forty-five of the laws of
nineteen hundred sixty-eight, shall be exempt from real property
taxation, provided that in connection with such reuse project, an
agreement shall be entered into with the city of New York providing for
payments in lieu of property taxes with respect to any space in such
reuse project that is not used for carrying on the functions of the
United Nations and is not used for purposes that satisfy the
requirements for exemption from taxation under either section four
hundred eighteen or section four hundred twenty-a of this article.