Surely that should lyric would actually make more sense as either Farwell New York Town or Hullo to London Town?

Of course lyrics don't always make sense, which normally suggests they've been adapted from an earlier version that did makebsense, but only partly.

Actually I read the heading first time as "Goodby America, Hullo to New York Town", which might make quite an interesting first line to a different kind of song. I've heard someone's remark that when they went to America they just saw New York responded to by "So you've never really been to America then?"