Under New York Penal Law 155.30, Grand Larceny in the Fourth Degree is a Class E Felony. If the accused is convicted, he or she could face up to four years in state prison. If the accused has been convicted of at least two prior felonies and served time in state prison on at least two felony convictions, he or she could be sentenced as a persistent felony offender. A persistent felony offender who is convicted of Grand Larceny in the Fourth Degree could face a minimum of 15-25 years and a maximum sentence of life in prison. Although there are questions about the constitutionality of PEN 70.10, the persistent felony offender law, at the moment it is the law.
That being said, if the accused has no prior record, a sentence of 1 1/3-4 years is more likely, while a second felony offender could face 2-4 years in state prison.
Under the facts as you described them, if the wallet had over $1,000 inside or a credit or debit card was inside the wallet, then the charge could fit within New York Penal Law 155.30(1) or PL 155.30(4). Although there may be legal arguments to make, it may be best to arrange plea agreement. However, without knowing any of the facts of your case, it is impossible to advise the best course of action. The best course of action would be to consult a Buffalo Criminal Defense Attorney.