this was the GOLDEN KNIGHTS skydiving team practice. they do pyrotechnic night-dives and this UFO video (which i admit i got excited about) is exactly like one of their routines they have posted online, and they were in town to do that airshow. why they would do the pyro during a night “practice” for a daytime airshow i have no idea....
Good! I like your explanation and I hope it’s the correct one.
At no point in the video do their flares ever lose their tails and become concentrated points of light. Nor do the divers ever completely stop and hover for a period of minutes.
The falling does look similar. Everything else about the two videos is completely different. And there hasn't been a word about a pyrotechnic Army dive team over NYC in broad daylight last week.