Was searching for some interesting interpretation of the song on net and shockingly, there are a lot of negative remarks (or rather image) of this song as a gay song. However, I think the song is about shortcut to success, how this guy decided to take the express lane to 4th Level of Maslow's Hierarchy of needs (fame).
I've been walkin' these streets so long
(He had lived long)
Singin' the same old song
(being idling and living a monotonous life)
I know every crack in these dirty sidewalks of Broadway
(crack=weakness, dirty=ruined/corrupted, Broadway=society)
Where hustle's the name of the game
(Speed is the key factor to success)
And nice guys get washed away like the snow and the rain
(Honest people are ignored)
There's been a load of compromisin'
On the road to my horizon
But I'm gonna be where the lights are shinin' on me
(I'm gonna get the fame by any means)
Well, I really don't mind the rain
And a smile can hide all the pain
(Ignoring the cost of the fame, probably moral values, or family or friends, or the humiliation before success)
But you're down when you're ridin' the train that's takin' the long way
(even a train was considered too long, expressing his yearn for quick success)
And I dream of the things I'll do
With a subway token and a dollar tucked inside my shoe
(Finding means to take the shortcut to success)
There'll be a load of compromisin'
On the road to my horizon
But I'm gonna be where the lights are shinin' on me
(repeat)