I'm afraid this petition is about 20 years too late - should have been filed the day after Conrail moved those legendary last 3 cars of Turkeys...
Very little rail freight possibility in the area nowadays, lots of housing and small offices, plus light industry (autoshops and the like - no need for rail freight) maybe 10 years ago they were kicking around the idea of using the line for waste hauling (which could make a go of it), but not now - I remeber walking along the line in the late 1980s - the area right north of the St. John's Terminal was 'garden apartment' styling housing, so that killed any expansion south...
Look, if anything they should have kept the old 60th Street yards, with both float and rail access (Amtrak would have been running on Conrail's Empire corridor then...) - move trucks via intermodal from there - too late now of course, that being Trump's Riverside development. Heck, they don't use the Oak Point intermodal yard much now (I mean for trailer offloading - they use it for other stuff including Waste haulage).
Eh, just hook it into the expanded 7 line (or the L line, doesn't matter to me) and use it for transit... or most likely, make it a linear walking trail...