Freedom of the island in New York Harbour (7)

I believe the answer is:

liberty

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'freedom' is the definition.
(liberty is a kind of freedom)

I don't understand the rest of the clue.

(Other definitions for liberty that I've seen before include "Emancipation" , "Lack of constraint, restraint" , "Personal freedom from servitude" , "Independence" , "Act of undue intimacy" .)

I've seen this clue in the Evening Standard.

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