2006 New York Code - Title To Lost Property.

 
    § 257. Title to lost property. 1. The title to lost property which has
  been deposited with the police shall vest in the finder, or other person
  entitled  to  assert the rights of the finder as provided in section two
  hundred fifty-six of this chapter, when the property is delivered to him
  in accordance with section two hundred fifty-four of  this  chapter  and
  shall vest in the buyer when the property is sold as provided in section
  two hundred fifty-three or two hundred fifty-four of this chapter.
    2.  If  the finder of lost property under the value of ten dollars has
  made reasonable effort to find the owner and restore it to him, and  has
  been  unable  to  do  so,  the  title to such property shall vest in the
  finder at the end of one year after the finding.