The following is taken from New York in the War of the Rebellion, 3rd ed. Frederick Phisterer. Albany: J. B. Lyon Company, 1912. 
September 2, 1862, Col. William Mayer received authority to recruit this regiment in the then first seven Senatorial Districts of the State. November 19, 1862, the men enlisted were transferred to the 175th Infantry, and the organization discontinued.

The following is taken from The Union army: a history of military affairs in the loyal states, 1861-65 -- records of the regiments in the Union army -- cyclopedia of battles -- memoirs of commanders and soldiers. Madison, WI: Federal Pub. Co., 1908. volume II. 
One Hundred and Seventy-first Infantry.—This regiment failed to complete its organization, and its number is therefore vacant. On Nov. 19, 1862, the men enlisted were transferred to the 175th N.Y.  and the organization was discontinued.