It might have value as a "vintage" hipster type bike, the decals seem to be in good shape. It probably needs an overhaul ($100). Upgrading to a modern bottom bracket might be a problem due to "French" threads. If you really want a vintage bike that one looks nice, I suggest post on the vintage thread.
If you are looking for general NYC transportation consider a folding bike.
2000 Montague CX, I do not recommend it, but still ride it.
Strida 3, I recommend it for rides < 10mi wo steep hills.
2006 Rowbike 720 Sport, I recommend it as an exercise bike.
1996 Birdy, Recommend.
Wieleder CARiBIKE (folding), decent frame.