Sure it is. Lessee, big mean monster attacks NYC. Like we've never heard that before : King Kong, Godzilla, Mr. Stay Puft.
And it's (a) a huge ape/lizard/some other natural critter mutated to gigantic size, (b) a mutant chimera, (c) a genetically engineered and/or bionic monster, (d) a space alien monster, or (e) a giant robot. All of which have been done on film somewhere before (Japan would be my first choice to cover all those possibilities, with Tokyo substituting for NYC).
Copying the Blair Witch Project cinematography might give it that claustrophobic look that adds a spooky factor, something that's hard to achieve with your typical giant-monster-outdoors flick, but I think a lot of people are going to be disappointed by this hyped film that is itself a chimera of older stuff.
The only original thing I'd like to see is actors acting like real people in danger instead of like idiots because that's what the script requires.