While I'm not an HR person, I believe the answer is: "Yes, given that your employee is exempt from state overtime requirements" (page 4 of http://www.labor.ny.gov/workerprotection/laborstandards/PDFs/wage-theft-prevention-act-faq.pdf)
Workers except from state overtime requirements, again based on a quick Google search, include workers classified as professionals. (Source).
However, if you have a question, it makes sense to seek out an attorney and get an actual answer. I'm not a lawyer or HR person - I'm just a layman trying to parse the law.
-In this legal context, "professional" is a term of art, meaning one holding a professional license. Salaried employees are not exempt from overtime in NY State unless they hold a professional license (Like lawyers who are licensed by the state). This is a very commonly misunderstood area, but salaried employees are NOT exempt from overtime pay in New York State, and far too many workers are deprived of their rights as a result of this misunderstanding.