I don't know about the release or the planning of a V2 of the MM2 Overhauled! Mod by Richard_P. The known one available in this website is a kind of beta version. Richard_P has been online some months ago and has released two cars, but big projects like that mod and New York City sure are now done.
However, your problem isn't about that mod, but about the New York City track. I suggest to download the improved 1.1 version by SuperSecrect, available
here; it results way more stable and you can use more detailed model vehicles with it. The problem that the original version of this city has is the one related with the management of a certain number of polygons by the game: New York City plus the traffic and the pedestrians has so many polygons, and if is used a pretty detailed player car, the game crashes while the city loading becasue of too much total of polygons to manage; the pretty high used screen resolution and the Hardware Rendering with T&L settings are involved in this too. The improved version has as total has less polygons.
Wilder, add more "!" symbols ahead the file name is useless, that won't solve the problem explained above. The five already available are so enough for its correct working. Their number is more important for the working of mods, in particular the ones that do only a specific change. Obviously, is needed to delete the old version before put the improved 1.1 one; anyway, if is not done that the system asks to replace the file since both use the same file name. The New York City in the MM2 Overhauled! Mod is in a separated file, like for other its features.