2006 New York Code - Flashing Signal Indications.

 
    § 1113. Flashing signal indications. Whenever traffic is controlled by
  a  flashing signal used in a traffic sign or signal, only the colors red
  and yellow shall be used, and said signals shall indicate and  apply  to
  drivers of vehicles as follows:
    (a)   Flashing  red  indications.  Unless  to  make  another  movement
  permitted by other indications shown at the same time, vehicular traffic
  facing a circular red signal with rapid intermittent flashes shall  stop
  at  a  clearly  marked  stop  line,  but if none, then shall stop before
  entering the crosswalk on the near side of the intersection, or  in  the
  event  there  is  no  crosswalk,  at  the point nearest the intersecting
  roadway where the driver has  a  view  of  approaching  traffic  on  the
  intersecting  roadway  before entering the intersection and the right to
  proceed shall be subject to the rules applicable after making a stop  at
  a stop sign.
    (b)  Flashing  yellow indications. Vehicular traffic facing a circular
  yellow signal with rapid intermittent flashes may  proceed  through  the
  intersection or past such signal only with caution.
    (c) This section shall not apply at railroad grade crossings.  Conduct
  of  drivers  of  vehicles  approaching railroad grade crossings shall be
  governed by the rules as set forth in section eleven hundred seventy.