The tree you are refering to is Paulownia tomentosa or princess tree.  It is a fast growing native of China that reaches heights of 40 feet or so.  Most impressive is the showy display of flower clusters more than a foot in length covering the tree in late spring.  The flowers are tubular, lavender-pink in color with purple interior spots and cream colored stripes, and have a vanilla-like scent.

This plant has invasive tendencies and while not prohibited by New York State, it is noted as an invasive species by Lower Hudson Invasive Species Management. You can read more about its impact here.

Courtesy of NYBG Plant Information Service