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Definitely go to TKTS in Times Square for half price Broadway tickets. I love theater, and always see shows when I go. In fact, I was just there to see Hairspray - which was great! Harvey Fierstein is in it right now and he is a hysterical. But really, any show you see will be great - I've seen about a dozen and could give you some recommendations if you want.
Also, I heard that the Producers (with Matthew Broderick and Nathan Lane) actually have standing room available for like $35 a ticket. You'd have to loook into that and possibly get the tickets before you go, but it is apparently an awesome show. I haven't been privileged enough to see it yet.
Are you of legal drinking age? If so, the Marriott Marquis in Times Square has a rotating restaurant on the top floor that lets you look out over the city. It is a beautiful.
Saks Fifth Avenue, Fendi, Gucci, and all the designer stores are all along 5th - while you maybe can't buy, it is still fun to look.
Ice skating in Rockfeller Square, going to see the taping of the Today show (get up real early), etc. are all fun NY things to do. If you have lots of time you can also go to the Statue of LIberty, the Empire State Building, and other touristy events.
Have a great time but be sure to plan your activities somewhat before you go. Nothing like getting there and having a million options but not being about to figure out what to do.
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