There are two main parts to this song. Part is praise for New York City, and part is a love song. The main idea is that the singer has a lover in New York City that he (or she in the original) is dying to see again. He met her in New York, and therefore associates New York City with her. This explains the strange statements like "everyone's your friend in New York City" which are obviously untrue. The singer is blinded by love, and therefore finds NYC to be the most wonderful place to be; after all, "The best thing about New York City is you and me."