That’s a beautiful sequence. These are just jumpcuts with dissolves placed over the cuts. I’m not sure what the official term for this technique is (jump-dissolve?).
Schoonmaker used the same technique back in After Hours, in a shot where Griffin Dunne runs up a flight of stairs and she dissolves from him at the bottom of the stairs to the top. I seem to remember some shots in Casino where she used this technique, too, but I can’t remember the specifics (some shots of money changing hands?)