I started commuting with the Ridgewood Commuter Group a couple weeks ago. I go all the way to Brooklyn - 2 Bridges - 55 miles round trip.
At the moment, I'm only doing this 2 times a week as I need to do other group rides as well on non-commute days.
Most of them go to midtown which is about 23 miles one way. And some of them do commute 3-4 times a week I hear.

Yes, it is possible.
I find that the bike commute takes about the same time as public transportation - Bus + Subway.