I dont know how different it is in NY, but in PA, you cant. You have to take pics of the bike before you fix it. Then keep all your reciepts and vin #s for the parts you got. You fix it, take pics of it afterwards, get it inspected, then you apply for an "R" title. The state loooks at all the paperwork and if they approve it, they send you back the "R" title for it in your name. You then can register it and ride it with insurance.
I know first hand becuase thats what I did. I bought a wrecked F4i and fixed it and now it has an "R" title.
Hope this helps.