Correct, but once the title is switched over to NYS they may or may not hassle you about it, althought the nice thing in your case as inspection wont be a problem as its under a 96.
But if the car is not federarly legal, it is very possible you may get a telephone call or a knock on teh door one day and someone saying you need to do so and so with your car.
Althought havent heard much about people getting hassled with the N14’s, i’ve heard of this happening with a few other cars… Silvias, Skylines being the big one etc…