Time NYC revitalised business (6)
I believe the answer is:
agency
'business' is the definition.
(agency is a kind of business)
'time nyc revitalised' is the wordplay.
'time' becomes 'age' (an age is a period of time).
'revitalised' indicates an anagram.
'nyc' anagrammed gives 'ncy'.
'age'+'ncy'='AGENCY'
(Other definitions for agency that I've seen before include "Recruiters possibly" , "Cagney (anag.)" , "Office or business of one who does business for others" , "Employment bureau" , "Means - business" .)