Peter, know in a full Spider-Man costume, takes off for his first real swing around New York City. This begins a montage of man-on-the-street interviews and footage of Spidey stopping various crimes.
This shot is a mixture of practical footage and digital effects. The intersection and part of the street is comprised of buildings from 6th St and Flower St in Los Angeles (the blue 6th St sign is slightly visible on the left hand side of frame during the swing). The effects team created a cable rig to actually fly down this street (in a time before aerial drones were a thing), while elements of the New York skyline were added digitally.
This shot is basically repeated at the conclusion of the film with Spider-Man’s final swing through the city. That time there’s more elements from New York, and the character swings up onto actual buildings.