The said staircase is said to violate the laws of physics and basic logic by looping back into itself.
The clip shows some students, who step on the stairs for the first time, brought to amazement after finding out that it is indeed a never-ending staircase.
But no, the video is just a hoax and there is no Escherian stairwell that exists in RIT nor elsewhere in the world.
Everything is part of a project by film and animation graduate student Michael Lacanilao. "The Stairwell Project" aims to create a modern myth regarding the existence of such "magic staircase" in the school.
Check out below the said video of "stairwell illusion" as well as Lacanilao's explanation of his project: