1:The average amount of time it takes for a New Yorker(male) to cum. New Yorkers tend to talk the talk, but cannot walk the walk. This goes for fighting also, bringing us to a second definition. 2: The time it takes to kick the shit out of a New Yorker.
1: Sarah knew that Tony would be done in a New York minute, after she stuck her thumb up his ass.
2: I got in 3 fights in NY, not one of them lasting longer than a New York minute.