New York look with new material (5)
I believe the answer is:
nylon
'material' is the definition.
(nylon is a kind of material)
'new york look with new' is the wordplay.
'new york' becomes 'ny'.
'look' becomes 'lo' ('lo' is an archaic exclamation meaning 'look!').
'with' means one lot of letters go next to another.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'ny'+'lo'+'n'='NYLON'
(Other definitions for nylon that I've seen before include "Tough synthetic material" , "Fibrous material" , "Man-made fibre" , "Man-made material" , "Cover for leg" .)