NEW YORK, Nov. 19 /PRNewswire-FirstCall/ -- Alliance New York Municipal Income Fund, Inc. (NYSE: AYN) (the "Fund") today released its monthly portfolio update as of October 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 Series 01-29 5.45% 4/01/31                                   8.26%
    2)  New York City (Prerefunded) Series 01B 5.50% 12/01/31            5.19%
    3)  New York St Urban Dev Corp (Personal Income Tax)
        (Prerefunded) Series 02A 5.25% 3/15/32                           5.13%
    4)  New York St Dorm Auth (FHA Insured Maimonides)
        MBIA Series 04 5.75% 8/01/29                                     4.95%
    5)  Metro Transp Auth Dedicated Tax Fund Series 02A 5.125% 11/15/31  4.77%
    6)  New York City Trust for Cultural Res
        (Museum of Modern Art) AMBAC Series 01D 5.125% 7/01/31           4.60%
    7)  New York City Muni Wtr Fin Auth Series 02A 5.125% 6/15/34        4.55%
    8)  Triborough Brdg & Tunnel Auth (Prerefunded)
        Series 01A 5.00% 1/01/32                                         4.32%
    9)  New York St Tobacco Settlement Fin Corp.
        AMBAC Series 03A-1 5.25% 6/01/21                                 3.83%
    10) Puerto Rico Hwy & Transp Auth (Prerefunded)
        Series 02D 5.375% 7/01/36                                        3.30%

        Sector/Industry Breakdown
                                                       Portfolio%
            Hospital/Health Care                           16.04%
            Transportation                                 15.63%
            Community Facility                             10.70%
            General Obligation                              9.90%
            Housing-Mortgages                               9.64%
            Water/SWR                                       8.53%
            Corporate - Utility (Electric)                  6.55%
            Education                                       4.32%
            Continuing Care Facility                        3.99%
            Miscellaneous                                   3.83%
            Higher Education                                2.99%
            Housing-Rental Units                            2.55%
            Corporate - Utility (Water)                     2.23%
            Assessment District                             1.04%
            Airport Facility                                0.72%
            COP/Lease Rental                                0.51%
            Port Facility                                   0.42%
            Special Tax                                     0.41%
            Total                                         100.00%

        State Breakdown
                                                       Portfolio%
            New York                                       85.47%
            Puerto Rico                                     9.27%
            Florida                                         3.15%
            California                                      0.85%
            Illinois                                        0.42%
            Colorado                                        0.36%
            Ohio                                            0.25%
            Pennsylvania                                    0.23%
            Total                                         100.00%

        Credit Quality Breakdown
                                                        Portfolio%
                   AAA                                      54.06%
                    AA                                      27.63%
                    A                                       10.20%
                    BBB                                      3.80%
                    BB                                       3.42%
                    B                                        0.89%
                    Total Investments                      100.00%


    Portfolio Statistics
      AMT Percentage:                  15.19%
      Average Coupon:                  5.19%
      Percentage of Leverage:
        Bank Loans:                    0%
        Investment Operations:         1.16%
        Preferred Stock:               28.14%
    Total:                             29.30%*

      Avg. Maturity:                 12.95 Years
      Duration:                      7.25 Years
      Total Net Assets:              $102.5 Million
      Net Asset Value:               $12.79
      Number of Holdings:            65

* The total percentage of leverage constitutes 28.14% in issued and outstanding preferred stock and 1.16% in investment operations, which may include the use of certain portfolio management techniques such as 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.