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Facing daunting weekly competition, NYcitylife is hoping to be the little monthly that could.

Despite the prevailing assumption that New Yorkers are time-starved and media-saturated, a group of private investors who have formed NYcitylife-led by Chairman-Publisher Ken Fadner and President-Editor in Chief Barbara Lovenheim-believe there's a hole in the market that could be served by a new monthly lifestyle, service-oriented magazine.

It would go up against weekly New York Magazine, Time Out New York, Village Voice, and The New York Times Magazine, as well as follow 7 Days and New York Woman, which earlier also tried to compete with the weeklies but are now defunct.

Anne Mollegan Smith, former editor in chief of Redbook, Working Woman and McCall's, is on board as executive editor of the new title.

Ms. Lovenheim, a free-lance writer, has been developing the new title for two years. She saw "what had become invisible to the rest of us, because we had bought into the myth that there is so much media already in the New York market," said Ms. Smith.

"What she saw is that there is a core group of New Yorkers with quite mainstream values who aren't served by anything out there . . . She saw the intersecting of the mainstream with the greater sophistication of New York living," Ms. Smith said.

NYcitylife will be launched in November with a winter issue, and then will follow in February with a spring issue and a summer issue in May. Distribution will be a controlled circulation of 100,000, targeting key neighborhoods and demographics, with some newsstand distribution. The plan is to take it monthly in September 1998.

"Retailers will be the base of our business," said Kevin Cox, launch publisher

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