First, thank you to everyone who contributed advice. I had a really difficult time trying to decide so the opinions were invaluable. The opportunity in Chicago is with a more respected company in their industry and, ultimately, I decided to accept their offer.
If anyone else is in my shoes, major factors in my decision were the starting salary and what the company had to offer in terms of growth. A higher starting salary will make it much easier to negotiate when considering future opportunities. Additionally, the company's growth was attractive to me because growth within the company will be easier to achieve. If I make a good name for myself, it will be a lot easier to find other opportunities in NYC in the future.
Although it has been and still is a dream of mine to live in NYC, I won't give up this goal. Ultimately, I realized that I won't get everything I want right now but I can always work hard towards getting it and this is only the first step.
Again, thanks everyone for the advice and best of luck with any decisions that you face.