N.Y. Pub. Auth. Law § 1219

§ 1219. Continuity of jurisdiction. The authority shall be deemed and\nheld to constitute a continuation, as to matters within its\njurisdiction, of the board of transportation for the purpose of\nsuccession to the rights, powers, duties and obligations of the board of\ntransportation transferred to such authority. Upon the termination of\nthe agreement of transfer provided for in section eighteen hundred three\nof this title or of any renewal thereof, all the rights and properties\nof the authority shall pass to the city and the city shall succeed to\nthe rights, powers, duties and obligations of the authority.\n