I'm extremely cynical of police attitudes about knives. I don't live in NYC, but from what I've read about what's going on there, they seem to have a similar attitude as the cops where I live. Here's my take:
If they see a knife they steal it. Doesn't much matter what it is. So, if you carry a Wave in your pocket and they see the clip, you'll lose it, maybe worse.
That's why I always carry IWB, concealed.
If you're not doing anything that would legally allow the cops to frisk you, you won't have a problem.
Just my .02$