Nickie Ferrante is a charming and dashing playboy who has never had to work for a living thanks to his family's wealth. He meets Terry McKay, a nightclub singer, while traveling on a transatlantic cruise. Despite their initial misgivings about each other, they quickly fall in love and spend several romantic days exploring the city together.
Terry is engaged to a wealthy businessman back in the US, and she feels guilty about her feelings for Nickie. In turn, Nickie is expected to marry a wealthy heiress upon his return to New York, but he cannot stop thinking about Terry. They agree to meet in six months at the top of the Empire State Building if they still feel the same way about each other.
During the intervening months, Nickie tries to find meaning in his life by taking up painting. He becomes moderately successful and uses his newfound confidence to break things off with the heiress he was supposed to marry. Terry, meanwhile, breaks off her engagement and prepares to reunite with Nickie.
On the day of their reunion, a tragic accident delays Terry's arrival, and Nickie assumes she has changed her mind or forgotten about their plans. Heartbroken, he returns to his old way of life, and Terry is left to believe that he never cared for her. In a twist of fate, they finally reunite and discover the truth about what happened that day. They realize that their love has only grown stronger, and they decide to start a new life together.