Both candidates have promised to rebuild lower Manhattan
Final opinion polls showed Republican candidate Michael Bloomberg and Democrat Mark Green as running almost even with each other as they compete to replace Rudolph Giuliani in the election on Tuesday.
Mr Bloomberg criticised Mr Green for being disrespectful to the city's sizeable Hispanic community over a pay dispute involving an Hispanic employee.
Mr Green in turn accused the wealthy businessman of sexually harassing a former co-worker and attempting to buy his way into the post.
Giuliani boost
"I want to be a mayor of the neighbourhoods and the grass roots... and not just advertise based on billions of dollars," he said.
Billionaire Mr Bloomberg has spent more than $41m campaigning, including television advertisements.
He also has the endorsement of Mayor Giuliani, who since the terror attacks of 11 September has been celebrated as one of the country's greatest heroes.
Mr Bloomberg initially appeared to be the outsider of the campaign, with initial polls placing him 40 points behind Mr Green.
Racial divides
However, political analysts say Mr Green lost much of the white vote to Mr Bloomberg following the 11 September attacks.
On that issue, the objective of both candidates is clear, to rebuild lower Manhattan and bolster New York's economy.
The Green campaign has accused Mr Bloomberg of running a campaign that deliberately exploited racial divides, citing his membership of four all-white clubs.
"Michael Bloomberg clearly does not have the temperament to govern New York City, (but) he seems to enjoy dividing New York City," said Mr Green's spokesman Joe DePlasco.
Mr Bloomberg in turn refuted Mr Green's statement.
"Every time Mark gets into a close campaign, the smear stuff comes out," he said.