Crazy university times in New York (5)
I believe the answer is:
nutty
'crazy' is the definition.
(thesaurus)
'university times in new york' is the wordplay.
'university' becomes 'u'.
'times' becomes 'tt' (two abbreviations for time).
'in' is an insertion indicator.
'new york' becomes 'ny'.
'u'+'tt'='utt'
'utt' placed within 'ny' is 'NUTTY'.
(Other definitions for nutty that I've seen before include "Round the bend?" , "Like cobs, brazils, etc" , "Bonkers - containing almonds etc" , "19 [LUNATIC]" , "Mentally unhinged (slang)" .)