I've held my breath on this one for a while, but we wasted an incredible amount of time with NYC Seed. They are much celebrated by the NY political and funding communities (eg. by Fred Wilson, who I respect very much), but the low friction, fast up / down process that is promised was anything but fast or low friction. In fact, we very nearly lost our opportunity to raise good money *because* of NYC Seed. If you value your time, do not spend it here. They are a firing squad.