Traditionally it has meant in the blink of an eye.

But after 9/11, due to the large air play of the song New York Minute (by Don Henley, and covered by the Eagles) it has taken on the further connotation of "A Blink Of an Eye that Changes Everything." Cataclysmic.
A sudden accident that takes a life. Any senseless violence, or of course the 9/11 attacks themselves. But it can be a good event too. When New York legalized Gay Marriage, the media reported the event as a New York Minute - the signing of that bill would change the state forever.
by VinnyFromNewYork July 30, 2011

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An extremely short period of time.
I was over that weed, in a new york minute.
by dudeman December 08, 2003

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Faster than you can be raped, stabbed, robbed, and left for dead in a pile of your own feces in da big city.
Whoa, bitch! That blow job is supposed to take longer than a New York Minute!
by Ralph the Wunderllama December 10, 2003

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Refers to the hectic life of typical businesspeople in New York City. Often used to put work load into context.
Phew! I just did 2 hours of work in a New York minute!
by Eric December 09, 2003

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The length of time New York Subway Trains have their doors open, about 28 to 30 seconds. Everything is fast in new York City. If You do something twice as fast as regular, that's a New York minute.
I'll be done with (whatever) in a New York Minute. big Hurry
by L.A. Boy May 14, 2013

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an imaginary amount of time refering to how fast people from new york city (not new york state) do things. the time differences of new york city and the rest of the world is the reason an average yorkie can't survive outside their city for more than 4 days.
yorkie: i went to freakin' colorado and it took this jackass 20 minutes to charge the sweater i bought! you know i'm used to things being done in a new york minute, i can't stand that crap!
by Denia April 29, 2006

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A very small amount of time, based on the implication that as New York, NY is the city that never sleeps, time moves more rapidly within its city limits.
He consumed the sirloin steak like a rat on a Cheeto in a New York minute.
by The Rabid Definer December 18, 2003

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