Most entry-level positions in NY, not just those for editing, are going to be challenging in terms of making ends meet. To get a sense for what you're in for, browse through some of the web sites that list salary ranges for the region such as Glassdoor. Then take a look at some real estate sites and see what the average rental rates are in the area, as that will more than likely be your largest monthly expense.
After someone has revived you, start planning ways that you'll be able to get by on less. As has been mentioned in other answers, living in NYC proper is expensive--Manhattan will be at the apex of cost, the boroughs less so, and rates getting less astronomical the further out you go. Similarly, getting a place all to yourself may not be realistic, at least not at first--you'll probably want to split a place with at least one other person. And aside from taking care of your basic necessities (e.g., eating), a lot of your other expenses should be prioritized accordingly.
But while living and working in NY is challenging, it's far from impossible. People are doing it right now!