Pros
1. The studio is somehow well-known in the industry.
2. Their work is nice.
Cons
1. The intern position is extremely underpaid (which is illegal).
2. There is almost no communication, time management, or project management at all in the studio.
3. The moody owner/director won't teach anything and treats interns just as cheap labors. You are expected to figure out everything by yourself with no experience or guidance. And if there is any mistake, congratulations, it will be your responsibility only. Because you are not considered as "a part of the team" but as "a temporary tool".
Overall I won't recommend any young designers to waste their time and money and energy here. Because this is not a fair deal. There are lots of famous and nice studios in NYC anyway.