A grantee or his successor in interest, may at his option surrender to the state, without consideration or for a compensation to be determined by the commissioner, the lands under water theretofore granted to him or any part thereof, by filing with the commissioner a certificate duly executed and acknowledged, declaring his intention of such surrender and containing a description of the lands surrendered, subject to the acceptance of such surrender by the commissioner; and such surrender when so accepted shall be without prejudice to an application for a new grant upon such terms and conditions as the commissioner may determine.
New York Legal Code