First, post this on the NY board as well. Local M&G posts are allowed.
Second, weekly may be too frequent. Every 4 - 8 weeks might work better, as you will attract a core group of 10 -15 ladies and gents (each) that will usually attend once you are are up and running. Probably also as many less frequent attendees as well, including touring providers, and a few hobbyists here on business as well.
Third, venue. The monthly M&G's held a few years ago were held at a private apt. close to midtown during cold weather months, and/or when the weather was adverse. During the spring and summer, they were held in a hotel suite with an outdoor terrace with a very scenic view of the City. Generally, these gatherings were catered by a friend of the organizer who was a chef, and the food and drink were outstanding. As far as your suggestion goes, holding such events in a public venue/restaurant/private room would probably work, though I would suggest rotating several different establishments for obvious security reasons. Mixing in some events at more private venues such as hotel suites or private apartments sometimes would be a good idea. Regardless of what you decide, the best time in NYC to hold these events is Thursday night. Absolutely, definitely.
Fourth, are you planning to charge the standard $100 for hobbyists to attend? If so, the 4 - 8 week scenario will work in attracting the core group of hobbyists that made past events work. Monthly, this isn't painful. Weekly won't work considering the additional costs in $ and time in possibly needing for us to sometimes book rooms for after party fun, and maybe having to take the next day off from work.
Lastly, there is an upcoming, major M&G planned to be held in the City in late April. You certainly know that, and that might be an opportunity for you to present your potential plans and ideas to those of us who are attending in person, which would be your target audience. Given all of the concerns that have been raised in light of current events, you should both attend, if you want this idea to get off the ground with the folks I think you are seeking to attract.
All the best, and you can contact me via PM anytime.