Note to New Yorkers: Carry your new Droid phone to Wall Street, Grand Central Terminal, Union Square, or Madison Square Park, and you may find AT&T iPhone users — the ones who are always complaining — are actually downloading data at four times the speed of your Verizon phone.

A new report from mid-market investment banking firm Piper Jaffray rebuts the notion that the new Verizon Droid phone gives better service than AT&T’s iPhones. The three analyst authors summarized, “While there were certainly locations where the iPhone was bested by the Droid, two-thirds of the time the iPhone had much better throughput.” They went on to rate AT&T’s stock as  overweight, meaning you should buy more of it despite the conventional wisdom that AT&T’s iPhone deal with Apple has brought down the company’s value.

The Droid did better in Times Square, Central Park, and Rockefeller Center, among other locations. The iPhone failed the worst in Times Square, missing its connection on two of five time trials and crawling to an average 39 kbps, versus the Droid’s 703 kbps.

Read the full report on the Venture Beat.