NEW YORK, Jan. 22 /PRNewswire-FirstCall/ -- Alliance New York Municipal Income Fund, Inc. (NYSE: AYN) (the "Fund") today released its monthly portfolio update as of December 31, 2008.


                   Alliance New York Municipal Income Fund, Inc.

        Top 10 Fixed-Income Holdings

                                                           Portfolio %
        1)New York St Mtg Agy SFMR (Mtg Rev) AMT                 8.24%
          Series 01-29 5.45%, 4/01/31
        2)New York St Urban Dev Corp. (Personal Income           5.31%
          Tax) (Prerefunded) Series 02A 5.25%, 3/15/32
        3)New York City (Prerefunded) Series 01B 5.50%           5.30%
          12/01/31
        4)New York City Trust for Cultural Res (Museum           4.66%
          of Modern Art) AMBAC Series 01D 5.125%,
          7/01/31
        5)Metro Transp Auth Dedicated Tax Fund Series            4.63%
          02A 5.125%, 11/15/31
        6)New York City Muni Wtr Fin Auth Series 02A 5           4.59%
          .125%, 6/15/34
        7)New York St Dorm Auth (FHA Insured                     4.47%
          Maimonides) MBIA Series 04 5.75%, 8/01/29
        8)Triborough Brdg & Tunnel Auth (Prerefunded)            4.45%
          Series 01A 5.00%, 1/01/32
        9)New York St Tobacco Settlement Fin Corp.               3.75%
          AMBAC Series 03A-1 5.25%, 6/01/21
       10)Puerto Rico Hwy & Transp Auth (Prerefunded)            3.41%
          Series 02D 5.375%, 7/01/36

       Sector/Industry Breakdown
                                                          Portfolio %
            Transportation                                     15.81%
            Hospital/Health Care                               15.10%
            Community Facility                                 10.81%
            General Obligation                                  9.99%
            Housing-Mortgages                                   9.73%
            Water/SWR                                           8.61%
            Corporate - Utility (Electric)                      6.48%
            Education                                           4.32%
            Continuing Care Facility                            3.93%
            Miscellaneous                                       3.75%
            Higher Education                                    2.81%
            Housing-Rental Units                                2.56%
            Corporate - Utility (Water)                         2.13%
            Airport Facility                                    1.78%
            Assessment District                                 1.01%
            COP/Lease Rental                                    0.48%
            Port Facility                                       0.37%
            Special Tax                                         0.33%
            Total                                             100.00%

            State Breakdown
                                                          Portfolio %
            New York                                           85.65%
            Puerto Rico                                         9.51%
            Florida                                             3.01%
            California                                          0.83%
            Illinois                                            0.32%
            Colorado                                            0.25%
            Ohio                                                0.23%
            Pennsylvania                                        0.20%
            Total                                             100.00%

                 Credit Quality Breakdown
                                                          Portfolio %
                    AAA                                        55.21%
                    AA                                         25.62%
                    A                                          10.92%
                    BBB                                         3.37%
                    BB                                          3.02%
                    B                                           0.71%
                    A-1+                                        1.15%
                    Total Investments                         100.00%

         Portfolio Statistics:
              AMT Percentage:                15.21%
              Average Coupon:                5.17%
              Percentage of Leverage:
                 Bank Loans:                 0.00%
                 Investment Operations:      4.04%
                 Preferred Stock:            38.86%
              Total:                         42.90%*

              Avg. Maturity:                 12.95 Years
              Duration:                      6.94 Years
              Total Net Assets:              $100.8 Million
              Net Asset Value:               $12.43
              Number of Holdings:            64

* The total percentage of leverage constitutes 38.86% in issued and outstanding preferred stock and 4.04% in investment operations, which may include the use of certain portfolio management techniques such as tender option bonds, credit default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.

The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.

SOURCE Alliance New York Municipal Income Fund, Inc.