A large circular spaceship appeared overhead with large multicolored light panels on the sides that constantly changed colors.

After leaving a New Year's Eve party in either 1973 or 1974, at my sister's in Canarsie Brooklyn, about 15 of us were standing around outside, chatting.  Then, maybe 100 feet above the 7 story building, a large (maybe 100 ft in diameter and about 30 ft high)) came straight down and hovered over the building.  It had light panels going all the way around that were about 20 ft wide.  Everyone looked up and we were all amazed.  
While driving home, we listened to the radio reports of others sighting the same object.  The next day there were reports that the government response to the sightings was the Air Force was testing a new plane from a local base.  This was no plane!  
After about 15 minutes, the ship went straight up about 1000 ft and then shot off to the north at tremendous speed.  It was out of view within one minute.  
I am a believer that we are not alone.  
My wife and I still talk about that night! ! !