It's actually been out of business for several years, but here's an interesting article from todays northjersey.com on the removal of the remaining trackage and rolling stock from Passaic NJ. Good read, and a short video too.
https://www.northjersey.com/story/news/passaic/passaic-city/2020/09/18/passaic-nj-greenwood-lake-rail-cars-donated-operation-toy-trains/3479921001/
I should add this NY & GL was originally an old Erie branch called the Dundee Spur serving the industrial areas of Passaic NJ. The industry's long gone now, what does remain doesn't need a railroad to serve it.
Here's a brief history.
https://en.wikipedia.org/wiki/New_York_and_Greenwood_Lake_Railway_(1996)
RyPN notes that all the equipment will be saved, and while some of it will be 'deaccessioned' preference will be given to preservation organizations.
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