Section 438. Trustees of a hospital, playground and library; hospital for benefit of a city

1.  Real property held by trustees named in  a  will
  or  deed  of trust or appointed by the supreme court of the state of New
  York for hospital, public playground and library purposes, as set  forth
  in  sections  four  hundred  twenty-a  and four hundred twenty-b of this
  article, shall be exempt  from  taxation  and  exempt  from  special  ad
  valorem levies and special assessments to the extent provided in section
  four  hundred  ninety of this article, to the same extent and subject to
  the same conditions and exceptions as if owned by a corporation.
    2.   Real property held  for  hospital  purposes  in  the  name  of  a
  corporation  organized  for  the  purpose  of managing and controlling a
  hospital for the use and benefit of a city shall be exempt from taxation
  and exempt from special ad valorem levies and special assessments to the
  extent provided in section four hundred ninety of this article,  to  the
  same  extent  and  subject  to  the  same  conditions  and exceptions as
  property of a corporation organized exclusively for hospital purposes.