Preheat oven at 360F.
Place shallots in large bowl and drizzle with olive oil. Season with salt and pepper and toss to coat. Make sure the shallots are entirely coated with the olive oil.
Place them on a baking sheet lined with parchment paper and roast for 20-25 minutes or until tender.
Add vinegars and sugar in a medium saucepan over low heat and stir until sugar dissolves.
Add shallots when done and cook, stirring occasionally for 10-15 minutes or until lightly caramelized.
Generously season the NY steaks with salt and pepper. Heat a large skillet over high heat. When hot, add the steaks and cook to desire liking.
Serve sauce over the steaks.