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A bit of a moot point if you don't get a return offer but in the event that you do it will be part of the discussion at the conclusion of your internship. My bank allows for mobility to different offices as I'm sure most larger banks do but it depends.
Would you suggest networking with the NY team before the conclusion of the internship?
Depending on how your bank staffs you may end up working with them anyway but at the end of the day if you don't work with them networking with them will have no bearing on whether you get a return offer. Got to focus on building relationships with the people you work with. Maybe at around the halfway point of your internship just ask what the typical process is for people who get FT offers and if they get a choice of office, if you get an offer you may have to spend a year in Chicago before transferring to NY. You're essentially worrying about something you may not even have control over.
On a side note I actually work in Chicago and spend a decent amount of time in NY as well working with a team there and NY sucks but that's just my opinion.
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