Pros
Work-life balance that can't be beaten (especially in NYC!); independence; time-off is very generous; benefits and perks are very good for the non-profit sector; very convenient (and pretty) Midtown location right on Bryant Park; relaxed work environment
Cons
No, you won't make as much as in NYC's for-profit sector (duh); As with most non-profits, there are many employees who are "lifers"--they've been here for a very long time, haven't moved up the chain at all, don't work that hard and are resistant to change; work experience can be very different depending on the director/silo that you're in; not much accountability if work performance isn't up to snuff; office doesn't have a ton of bells and whistles as far as perks (compared to upscale for-profit offices); a few members of leadership fit the "lifer" description and should probably be replaced.