Team Dinner Dress Code

Hey all. I have a introductory team dinner upcoming with the team I will be interning with this upcoming Summer (IB division). We are going to a nice restaurant in NYC. What is the typical attire for an event like this? I was planning on a suit and tie as to not be underdressed and play it safe. Is suit the way to go or should I just go business casual (button down and nice pants)?

Thanks in advance for any and all advice.

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