Dropping down from the ceiling, you will be in a room with a few of Bruno's goons in it. This is an early chance to test out Punisher or Nick's object throwing skills as there are plenty of chairs and even an arcade machine they can throw at people. The thugs you meet here are the most basic ones, who won't put up much of a fight.
Bruno will run onto the screen, but then run off again when he sees you (Bruno is the mob leader who killed Punisher's family). You will go out to the streets, and straight away you will be able to use your handgun against a couple of gun wielding punks.
Further on into the street you'll meet more of the weaker punks, but some of them will be armed with knives and baseball bats. An enemy called Yan Lee will also make his first appearance here, he's a karate master who can do jump kicks. After you beat down everyone in the street, Bruno will try and get away on a school bus. But Punisher or Nick will follow him, and jump onboard it by jump kicking the back window.
Bruno will manage to get away again thanks to him sending in the boss of this level: Scully. Scully is a large, bald man wearing blue and he's not the sharpest tool in the box. His main attack has him just charge straight into you, and he can also jump kick.
Several punks will keep jumping onto the bus, most of them usually carry a weapon with them. Knock them out and then use their weapons against Scully. The boss is a big target, so you shouldn't have much trouble defeating him.