Final answer:
Historically, CBGB in Manhattan is recognized as the birthplace and pivotal hub for the development of Punk Rock, hosting iconic acts like The Ramones and Blondie.
Step-by-step explanation:
The film 'Once Upon a Time in New York' might have historical inaccuracies since the venue that became the capital and incubator of the development of Punk Rock in New York is not clearly identified in the question. However, historically speaking, CBGB (Country, Bluegrass, and Blues) is renowned for being the birthplace and incubator of punk rock. While not specifically mentioned in the resources provided, this nightclub, located in the Bowery neighborhood of Manhattan, became a prominent venue for punk and new wave bands. Notable acts like The Ramones, Talking Heads, and Blondie played at CBGB, contributing to its reputation as an epicenter of punk culture.