Novum Eboracum est urbs. Latin has declinations. Novum Eboracum is the Nominative case, and function as subjective. Novi Eboraci habito. It is translated by IN New York I live. Thus, Bostonia est urbs, but Familia mea BostoniAE habitat. Or, Philadelphia est urbs, but Quot iuvenes PhiladelphiAE sunt?
I recommend reading about noun declensions. In Latin prepositions change the ending of each word. Some prepositions are implied, not written. The Direct object (Dative case) has a diff ending than the Indirect Object (accusative case). If you say "of new york" (genitive) that will be different than the other two endings. Then, it changes when it becomes plural.
Keep in mind also, that nouns are considered either Masculine, Feminine, or Neuter. Their declensions are unique and not identical at all.
Don't go to WikiPedia on declensions. It will confuse you even more.
Hope This Helps!
the phonetics weren't so different in classical latin afaik. v is pronounced like English w. So it's just the glide (semivowel) version of u. Yes, you have to know (or guess) the vowel length, but vowel length isn't often marked anyway. (I wish they used macrons here though)