Knot steadies New Yorker's hood (4,4)

I believe the answer is:

east side

I'm a little stuck... Click here to teach me more about this clue!

'new yorker's hood' is the definition.
I can't tell whether this defines the answer.

'knot steadies' is the wordplay.
'knot' indicates an anagram (letters are tangled up).
'steadies' anagrammed gives 'EAST SIDE'.

Can you help me to learn more?

I've seen this clue in The Independent.

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