Why is she going to New York? And not just to visit but to stay ("New York is where I will be from")? Because "New York is made for grander things, just like me!" What grander things? "Mountains of fame and fortune."
She imagines that the "literati"-- the most highly regarded authors and their set-- "will love me." The
"paparazzi," who stalk the famous to photograph them, will do so to her. The "glitterati" (a portmanteau of "glitter" and "literati") are wealthy sophisticates in general-- actors, models, splashy business-people, Hollywood insiders-- have also "heard of" her. Well, they will, of course, once she gets there.
The rest of the song is largely about partaking on many of New York's storied locales. "The Algonquin" is a hotel notable for its attracting many famous wags and raconteurs in the early part of the 20th Century, like Harpo Max and Dorothy Parker. "The Plaza" is a posh hotel notable for being just that.
Other places mentioned largely serve young and/or single women. "The Three Arts Club" teaches painting, drama and music and gives students a chance to display and perform their work publicly. "The Parnassus" (named after Apollo's mythical mountain) is a boarding house, largely for Julliard students (more about which below). And "Columbia" in this case is a university. "Fifth Avenue" is a major Manhattan street, noted for its high-fashion shopping.
Riding "buses" on this street, she imagines participating in conversations like: "I lost all my money for Julliard (a major performing-arts college); "I hid in the phone booth at Macy's (a major department store)" and even "I slept in a brothel on my way to my destiny." As they say back in Columbus, Georgia: mercy me!
Not only can she not wait to get to New York, she concludes, New York can't wait until she gets there! "New York's waiting for me!" she enthuses.
And they didn't know it at the time, but it seems they were.
Next Song: We of Me
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