A topless paparazzo might have the most valuable breasts in NYC — TMZ has learned, the City of New York has agreed to pay her $40,000 … after police arrested her for baring her bazoombas in public.

As we reported, 46-year-old Holly Van Voast — who regularly prowls the streets, topless, looking for celebs — sued NYC and the NYPD, claiming officers had no legal right to arrest her for going boobs-out.

In the suit, H.V.V. claimed she’s been arrested or detained at least ten times since 2011 for being topless in public, despite toplessness (male or female) being perfectly legal in NYC. Seriously, look it up.

Now, Voast has emerged the victor — NYC has agreed to fork over a $40,000 settlement.

$40,000 … that’s $20,000 a boob … pretty pricey.

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