[Fixty Sixty]

Nico is mentioned, but the song isn't about her.
For example in the 5th stanza:

Like an icon
Under the Nikon
You turn the head
On the velvet
And Nico
Want you far away from Lou Reed

Edie was the model and actress. Nico was brought in by Andy to front the Velvet Underground. Edie wanted to sing in the band, but wasn't allowed to. In the video you see Nico holding the guitar representing her status as band member, but stumbling. Lou Reed didn't want Nico singing in the band, and I think the stumble represents that because she didn't last past the first album and had very few songs on that album.

Also, it was Edie that was into glamour. She would spend 3 hours doing her eye makeup, was a fashion setter and into perfume. All of that is in the video, and in the lyric except for the eye makeup. I believe Andy and Dylan probably others told Edie that she was the most beautiful model.

Edie also made her last picture between the demise of flower power and the rise of new-wave, punk and techno which is also in the lyric. Edie was a drug addict and you see the terms "beautiful heroin(e)" and "on ecstacy" with reference to person who is the object of the song. I can't explain the yellow taxi, but I think it means something. Edie died of drug overdose at 27 years of age shortly after making her last picture.