I found some information on the Owasco River Railway. It was 4 miles long and located in Auburn, NY.

The RR was controlled by the NY Central. They had their own power early on eventually having the NYC supply its engines, most noteably the shroaded shays from New York City (also served on the Genesee Falls Railway). In diesel years it was a small GE 70 ton centercab engine and then regular NYC power. The road also provided interchange with the Lehigh Valley in Auburn.

When Penn Central conveyed much of its rail property to Conrail in 1976 there were some segments, such as the Metro-North Hudson Line from MO to CP75 above Poughkeepsie, that were not conveyed as they were subject to long term leases. Those properties were conveyed to the Owasco River Railway, Inc. Thus Owasco is the fee owner of the Hudson Line and the New York & Harlem RR is the owner of the Harlem Line. Both, of course, are leased to MTA and operated/maintained by Metro-North.

Some interesting things (to me anyway) about NY Central/Penn Central land stuff.

Timetable West from Poughkeepsie, Conrail didn't just take ALL the land. NY Central had bought a lot of land both sides of the main and the Hudson River Connecting Railroad (those tracks that connected to the B&A and Castleton Bridge). Conrail didn't take them and there used to be a lot of Penn Central FOR SALE signs on them. I think Owaso was the actual owner.

Yes there was an attempt to seperate rail versus nonrail.  Was difficulty especially in NY City. Hard to separate land that carried one of the busiest 4-track mains from land that had extremely expensive value  (like Waldof Astoria hotel plus a lot of Kentuky Fried Chickens equaled a lot of money)

New York & Harlem Railroad Co. is responsible for $7.8 million in (redeemable in gold) 3 ½ bonds due in 2043. These bonds are legally secured by the 127-mile right-of-way from New York City to Chatham AND by GRAND CENTRAL TERMINAL!  Currently, these borrowings are rated "Baa1" by Moody's (not too bad since Penn Central seems to have sold off some of this property).

American Premier Underwriters, Inc. is now the direct descendant of the Pennsylvania Railroad Company which was founded in 1846 and the New York Central Railroad Company, founded in 1853, but tracing its roots back to 1826. They merged in 1968 to form the Penn Central Transportation Company and developed into a highly diversified conglomerate. In March, 1994,
Penn Central dropped its well known rail-related name in favor of a title that more accurately described its business activities - property and casualty insurance. Today it employs 5,400 people, has sales of $1.8 billion and is publicly traded on five stock exchanges.

American Premier Underwriters is part of American Financial Group.  which, as the successor entity to Penn Central, is the largest holder of common stock in the National Railroad Passenger Corporation (“Amtrak”). American Financial holds roughly 55% or 5,200,000 shares of outstanding Amtrak Common Stock, out of a total of about 9,000,000 shares.  
 
In 1994, the Metropolitan Transportation Authority gained long-term control of Grand Central Terminal in the form of a 110-year lease from American Premier Underwriters, Inc.,

This funny company that resulted from Penn Central is extremely wealty.

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