Locastro, 26, appeared in just 18 games for the Dodgers in 2018, hitting .182 with four stolen bases and six runs.
Locastro has appeared in just 21 MLB games in total, hitting .167 without registering a home run or RBI.
He did have a solid season for the Triple-A Oklahoma City Dodgers, hitting .279 (.389 on-base percentage) with four homers, 25 RBI, 61 runs and 18 stolen bases in 83 games. The Dodgers designated him for assignment Tuesday, per Bill Shaikin of the Los Angeles Times.
Locastro offers positional versatility, as he can play all three outfield spots, second base and shortstop (and first base in a pinch), making him an option for the Yankees as a utility infielder or outfielder. New York added him to the 40-man roster after the deal, per the North Jersey Record.
As for Finley, he struggled for the Low-A Staten Island Yankees, going 2-4 with a 7.24 ERA, 1.72 WHIP and 33 strikeouts over 16 appearances (one start) and 27.1 innings. He has a 5.48 ERA and 1.57 WHIP in his minor league career.