Zany part of New York, shortly one of five (9)
I believe the answer is:
harlequin
'zany' is the definition.
(thesaurus)
'part of new york shortly one of five' is the wordplay.
'part of new york' becomes 'Harlem' ('Harlem' is part of 'new york').
'shortly' means to remove the last letter.
'one of five' becomes 'quin' (short for quintuplet, one of five children).
'harlem' with its final letter taken away is 'harle'.
'harle'+'quin'='HARLEQUIN'
(Other definitions for harlequin that I've seen before include "Character in a diamond-patterned costume - variegated" , "Pantomime character in a tight spangled costume" , "Commedia dell'arte clown" , "Entertainer in diamond-patterned clothing" , "Brightly-coloured - Columbine's partner in pantomime" .)