Frank White, portrayed by Christopher Walken, is a notorious drug lord making a grand return to New York City in a luxurious limousine after his release from the infamous Sing Sing prison. The story kicks off with the cold-blooded murder of a Colombian drug dealer, Emilio El Zapa, whose death is marked by a newspaper headline announcing Frank's release. Zapa's associate, King Tito, finds himself in a compromising position, holed up in a hotel room with Jimmy Jump, played by Laurence Fishburne, and Test Tube, depicted by Steve Buscemi. The duo seizes the opportunity to kill Tito and his armed guards, making off with a hefty stash of cocaine.
As Frank settles into his lavish suite at the Plaza Hotel, he is welcomed back into his criminal fold by Jimmy, Test Tube, and other loyal gang members. Seeking more than just a return to power, Frank aims to become the mayor of New York City and recruits his lawyers, Joey Dalesio and Jennifer, played by Paul Calderón and Janet Julian respectively, to help him make connections with influential figures like Mafia boss Arty Clay. During an intense subway ride, he encounters muggers and, rather than resorting to violence, opts to give them cash, suggesting they could find jobs at the Plaza if they want.
Joey heads over to Little Italy to secure a meeting with Clay but is humiliated when the don urinates on his shoes, signaling disdain for Frank's ambitions. Undeterred, Frank confronts Clay at his social club, asserting that he desires a slice of Clay's profits. When Clay insults him, Frank retaliates by killing him. As he strides away, Frank offers Clay's men a chance to work at the Plaza, an audacious declaration of power.
The plot thickens as the NYPD narcotics squad, represented by Detectives Bishop, played by Victor Argo, Gilley, portrayed by David Caruso, and Flanigan, played by Wesley Snipes, take matters into their hands. They drive Frank to an isolated lot to reveal El Zapa's corpse stuffed in a trunk. When Frank stands firm and refuses to confess, the detectives resort to violence, leaving him there. Meanwhile, Frank sends Dalesio to make a deal with Triad leader Larry Wong for a vast cocaine shipment. Larry demands a hefty upfront payment, but Frank suggests they team up for mutual benefit, which Larry ultimately rebuffs.
As tension escalates, Jimmy and several of Frank's men are apprehended. Frank learns of their capture and dispatches his lawyers to secure their release. Determined to eliminate threats, he orchestrates the murder of Larry and his gang in Chinatown, reclaiming the cocaine they were after. In an ensuing clash, the detectives disguise themselves as drug dealers, leading to a violent confrontation at a nightclub. Many of Frank's men fall, but he and Jump manage to evade their pursuers, albeit with chaos brewing around them.
Tragedy strikes when Gilley shoots Jimmy, marking a personal loss for Frank. Grief turns to vengeance as Frank retaliates against Gilley at Flanigan's funeral, proving that his desire for power is unyielding. However, the body count continues to rise when Frank places a bounty on the heads of detectives involved in his case. In a tense showdown with Bishop at the detective's apartment, Frank explains his murderous actions were driven by a moral stance against the human trafficking and child exploitation linked to his rivals. When Frank escapes to the subway, a final, deadly encounter with Bishop ensues. As the movie nears its conclusion, Frank, hit by a bullet in the chaos, finds himself cornered in a taxi in Times Square. Surrounded by the police, he succumbs to his injuries, closing his eyes and letting go of his tumultuous life.
