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Just be brief, humble, and apologetic. “I enjoyed interviewing with your firm, but I have received another offer I can’t pass up. I will therefore no longer be joining your company. I apologize for any inconvenience this has caused and wish you all the best.”
Make sure you have a plan for anything like paying back sign on bonuses, etc.
Also, if money is really the only thing driving your decision, then you may want to reevaluate. COL is very different between NYC and ATL, so a lower salary in ATL may go much further. However, if NYC is truly where you want to be and this is the role that best aligns with your goals, then take this and don’t look back.
How big is the gap in salary, and brand names? Are we talking about Goldman in NYC vs. a no-name AM in ATL, or a no-name bank in NYC vs. Black Rock in ATL?
“Due to family/personal circumstances I must regretfully decline the offer”